IAA-Bulletin-Final for Web - International Actuarial Association

No 27 IV-1998
ASSOCIATION ACTUARIELLE INTERNATIONALE
INTERNATIONAL ACTUARIAL ASSOCIATION
RÉDACTEUR EN CHEF/
CHIEF EDITOR:
Jean Lemaire
Insurance and Risk Management
Department
University of Pennsylvania
3641 Locust Walk
Philadelphia, PA 19104-6218
U.S.A.
BULLETIN
COMITÉ DE RÉDACTION/
EDITORIAL COMMITTEE:
Roger Corley
Grande-Bretagne
Hans Gerber
Suisse
Yves Guérard
Secrétaire Général A.A.I.
RÉDACTEURS NATIONAUX/
NATIONAL EDITORS:
Associations nationales/
National Associations
W. Els – Afrique du Sud
J. Strauss – Allemagne
J. Stanard (C.A.S.) –
États-Unis
L. Baber (C.C.A.) –
États-Unis
C.E. Huntington (Society) –
États-Unis
R. Carey – Australie
F. Liebmann - Autriche
R. Schokaert – Belgique
R. Westenberger – Brésil
M. Chambers – Canada
J.H. Huang – Rép. de Chine
T. Chung – Rép. de Chine
F. Cederbye – Danemark
A. Vegas Montaner – Espagne
C.E. Huntington (Academy) –
États-Unis
J. Tuomikoski – Finlande
J. Berthon – France
G.M. Murray (Faculty) –
Grande-Bretagne
E. Smyth (Institute) –
Grande-Bretagne
S.H. Leckie –
Hong-Kong
S.P. Subhedar – Inde
E. Levay – Israël
C.A. Mormino – Italie
H. Yoshida – Japon
R. Frère – G.-D. Luxembourg
H. Lechuga – Mexique
G. Harbitz Jr. – Norvège
J. Eriksen – Nouvelle-Zélande
J.D. Breen – Pays-Bas
L. Portugal – Portugal
A. Sandstrom – Suède
H. Gerber – Suisse
P. Mandl – République Tchèque
S. Rajitrangson – Thailande
Autres associations et sections/
Other Associations and Sections
J. Lemaire (ASTIN)
Y. Guérard (AFIR)
C. Daykin (A.I.S.S.)
J.M. Henty (Groupe Consultatif)
M. Lacroix (IAA Promotion and
Education Fund)
N. Séguin (I.F.A.A.)
CONTENTS / SOMMAIRE
1.
Important Dates / Dates importantes .................................................................. 2
2.
Message from the Secretariat / Message du Secrétariat ...................................... 3
3.
Minutes of the Meeting of the Council of the International
Actuarial Association .......................................................................................... 4
4.
Procès-verbal de la séance du Conseil de direction
de l’Association Actuarielle Internationale ...................................................... 15
5.
Actuarial Assistance – Maintaining a Record ................................................... 26
6.
News from ASTIN / Nouvelles d’ASTIN ........................................................ 31
7.
Research in Progress / Recherches en cours ..................................................... 32
8.
International Summer School / École d’été internationale ............................... 38
9.
Reports from National Associations / Rapports d’associations
nationales d’actuaires ........................................................................................ 39
10. Reports from other Associations / Rapports d’autres associations ................... 57
11. Table of Contents of Actuarial Journals / Tables des matières de
revues actuarielles ............................................................................................. 59
Association Actuarielle Internationale / International Actuarial Association
Secretariat / Secrétariat
820-360 Albert
Ottawa (Ontario)
CANADA K1R 7X7
(1-613-236-0886
Ê 1-613-236-1386
™ [email protected] / [email protected]
www.actuaries.org / www.actuaires.org
1
1. IMPORTANT DATES / DATES IMPORTANTES
1998
September 15-17 septembre
AFIR & British Investment Group Convention
Cambridge, United Kingdom
•
October 7 or (ou) 10 octobre
ASTIN
Glasgow, Scotland
•
*November 2-3 novembre
IAA/IFAA / AAI/FIAA
Cape Town, South Africa
1999
*April 17-18 avril
IAA/IFAA / AAI/FIAA
Madrid, Spain
•
August 22-25 août
ASTIN
Tokyo, Japan
•
August 24-27 août
AFIR
Tokyo, Japan
•
*August 29 août
IAA/IFAA / AAI/FIAA
Tokyo, Japan
2000
September 17-20 septembre
ASTIN
Costa Esmeralda, Italy
•
AFIR
Tromsø, Norway
2002
March – mars
International Congress of Actuaries / Congrès International des Actuaires
Cancun, Mexico
* Subject to confirmation by Council in June 1998 / Sous réserve de la décision du Conseil en juin 1998
2
2. MESSAGE FROM THE SECRETARIAT
MESSAGE DU SECRÉTARIAT
In September 1996, the IAA Council selected the Canadian
Institute of Actuaries (CIA) to host the combined Secretariats
for the IAA and the IFAA, beginning in October 1997. At
the September 1997 IAA Council meeting, Yves Guérard of
Canada was elected Secretary General to replace Willy
Lenaerts. Also in September 1997, Nicole Séguin
([email protected]), who was previously Assistant
to the Executive Director of the CIA, was appointed
Executive Director of the IAA/IFAA. She is supported on a
part-time basis by Christian Levac, as well as by CIA staff
members, on a contract basis, to provide specific services as
required. The transfer of records and files from Brussels is
nearly complete. All correspondence with the IAA
Secretariat should be directed to the Ottawa office :
En septembre 1996, le Conseil de l’AAI choisissait l’Institut
Canadien des Actuaires (ICA) pour accueillir les secrétariats
conjoints de l’AAI et du FIAA à compter d’octobre 1997.
Lors de la réunion du Conseil de l’AAI en septembre 1997,
Yves Guérard du Canada a été élu Secrétaire Général en
remplacement de Willy Lenaerts. Également en septembre
1997, Nicole Séguin ([email protected]) qui était
auparavant adjointe au directeur général de l’ICA, a été
nommée Directrice générale de l’AAI et du FIAA. Elle est
aidée à temps partiel par Christian Levac et, pour des tâches
particulières, par le personnel de l’ICA à titre contractuel.
Le transfert des documents et des dossiers de Bruxelles est
presque terminé. Toute correspondance avec le Secrétariat
de l’AAI doit être adressée au bureau d’Ottawa :
820 - 360 Albert
Ottawa, Ontario CANADA K1R 7X7
( 1-613-236-0886 Ê 1-613-236-1386
™ [email protected] / [email protected]
The Secretary-General can be reached as follows:
On peut joindre le Secrétaire Général à l’adresse suivante :
Yves Guérard
1, Place Ville-Marie, # 2400
Montréal, QC CANADA H3B 3M9
(1-514-874-4616 Ê1-514-878-1043
™ [email protected]
The IAA and IFAA share the following Web Site address:
www.actuaries.org. If you have not already done so, you
are encouraged to visit the IAA site which contains
information on the Council, PEC, Donation Members A,
Donation Members B, ASTIN, AFIR and the IPEF. The
“New” button highlights documents added to the site during
the past three months.
The agendas for the June 6 and 11 Council meetings, the
proposed 1998-99 IAA Budget, Report II to IAA Members,
the proposed Statutes, Internal Regulations and the Initial
Motions are available on the Web Site. All these documents
are produced in html language. In an attempt to improve the
print quality of its documents, the IAA Secretariat has posted
this Bulletin on the Web Site in pdf format thereby making
the Web copy identical to the printed version. However, a
special reader, such as Acrobat Reader, is required to access
the document. Instructions on how to download the reader
are available on the Web Site.
Except in rare circumstances, documentation produced by
the Secretariat will always be available on the Web Site.
Suggestions and recommendations as to information for
posting to the Web Site are always welcome and should be
directed to the Executive Director.
L’AAI et le FIAA partagent le site Web à l’adresse
www.actuaires.org. Si vous ne l’avez pas déjà fait,
nous vous encourageons à visiter le site de l’AAI
qui contient des renseignements sur le Conseil, le CEP,
les membres donateurs A, les membres donateurs B, ASTIN,
AFIR et le FIPF. Le bouton « Nouveau » affiche
les documents ajoutés sur le site dans les trois mois
précédents.
On retrouve aussi sur le site Web les ordres du jour des
réunions du Conseil des 6 et 11 juin prochains, le budget
proposé de l’AAI pour l’année 1998-1999, le Deuxième
Rapport aux membres de l’AAI, les Statuts, le Règlement
Intérieur et les Motions Initiales. Tous ces documents sont
produits en langage html. Pour tenter d’améliorer la qualité
d’impression de ses documents, le Secrétariat de l’AAI met
en ligne ce Bulletin sur le site Web en format pdf afin que la
copie Web soit identique à la version imprimée. Cependant,
pour ouvrir le document, vous aurez besoin d’un lecteur
spécial comme Acrobat. Des instructions spéciales
permettant de télécharger ce lecteur sont disponibles sur le
site.
Sauf exception, la documentation provenant du Secrétariat
sera toujours disponible sur le site Web. Les suggestions et
recommandations concernant l’information à mettre en ligne
sur le site Web sont toujours les bienvenues et peuvent être
acheminées à la Directrice générale.
3
3. MINUTES OF THE MEETING OF THE COUNCIL OF THE
INTERNATIONAL ACTUARIAL ASSOCIATION
REPORT OF THE IAA COUNCIL MEETING
BRUSSELS, SEPTEMBER 27, 1997
The IAA Council meeting took place on September 27, 1997
at the Conrad Hotel in Brussels. The inviting atmosphere,
in which there were numerous exchanges of achievements,
highlighted, once again, the excellent climate of collaboration
within the Association.
In spite of a long wait for Yves Guérard, whose plane was
delayed, the audience was able to welcome him with a round
of applause by the afternoon.
The morning was spent unanimously recognizing the
magnitude of the work performed, on the one hand, by W.
Lenaerts during his successive terms as Secretary General
and as Treasurer of the IAA, and, on the other hand, by the
members of the Provisional Executive Committee (PEC)
during these past 12 months in organizing the new structure
of the IAA.
In opening the meeting, President A. Lamens informed the
attendees that the meeting would last a full day, the better
part of which would be devoted to the reorganization of the
IAA. The report of the PEC would be presented in the
morning, following the break, and the entire afternoon would
be devoted to the discussion of the report. He then called
upon the Secretary General, W. Lenaerts.
Executive Committee was formed, presided over by
A. Lamens and comprising:
•
•
•
•
•
•
Martin Balleer
Roger Corley
Yves Couturier
Yves Guérard
Peter Kuys
Jim MacGinnitie
Their task was to develop and finalize the proposals for
change.
Considerable work has been achieved by this committee in
its five meetings:
•
•
•
•
•
in Brussels, on September 28, 1996
in Cologne, on January 10, 1997
in Amsterdam, on April 24, 1997
in Paris, on July 7, 1997
and yesterday, in Brussels, September 26, 1997.
Between each of these meetings, successive versions of notes,
objectives and structures were established and circulated for
discussion to a broad panel of actuaries sufficiently
representative of the profession.
“Dear Colleagues,
Thanks to the very direct, yet always constructive, input from
these actuaries, the note entitled, “Proposals for
Reorganization - 8th draft” was sent to members of the
Council on July 21, 1997 in English, and on July 24, 1997
in French.
The efforts of those who played an active part in the
operations of the IAA during the past year have essentially
concentrated on two issues.
The main obstacle for the Provisional Executive Committee
was that of maintaining a dual structure of Member
Associations and Individual Members.
First, there was the organization of the 26th International
Congress which will take place next June in Birmingham.
Our British colleagues will brief us on the details later today.
Bulletin no. 3 will be sent shortly, at which time official
registration will begin.
In the 8th draft that was distributed to you, this duality was
maintained in terms of the level of membership in the IAA
and of activities (Scientific Section). It was not maintained
at the decision-making level or for voting rights, which were
assigned exclusively to Member Associations.
Then, there were the questions on implementing the
conclusions of the Task Force on the Future of the IAA
presented by Hans Bühlmann at the last Council meeting on
September 28, 1996. The first proposals of the objectives
and the structure addressing the present and future needs of
the IAA have been approved by Council, in view of
expanding the objectives and creating one organization which
would combine the IAA and the IFAA. A Provisional
The aim is to present the proposed new IAA Statutes to the
IAA Council which will meet in Birmingham on June 6,
1998. This will then be voted on by our members at their
General Assembly a few days later, during the week of the
Congress.
REPORT OF THE SECRETARY GENERAL
4
During the past year, the Secretary General took part in the
Annual Convention in October 1996 in Orlando at the
invitation of the U.S. Society of Actuaries.
In January 1997, he met with the Secretary General designate,
Yves Guérard, in Belgium to discuss the details of the transfer
of the Secretariat to Ottawa and, finally, had the chance to
meet the President of the Actuarial Society of Actuaries of
Hong Kong in Hong Kong.
The IAA membership at the end of the period under review
was as follows:
IAA
AUDITED ACCOUNTS 1996-1997
TREASURER’S REPORT
“Dear Colleagues,
1996 – 1997 has been a year of transition for our Association
in its restructure. The audited operating statement for
1996-1997 may be summarised as follows :
• 6 921 ordinary members
• 142 donation members.
Revenue
Membership Fees
Interest (net)
Revaluation of portfolio
I would like to conclude this Secretary General’s Report on
a particularly positive note.
You will recall that, in 1995, we had to amortize the sum of
500 000 BEF representing an investment of the IAA assets
in Confederation Life bonds. We thought that the possibility
of recovering our investment was almost non-existent.
However, this case, which claimed a large number of victims
in Belgium, resulted in a Justice ruling initiated by a group
of individual victims of the collapse of the Canadian insurer.
The Belgium bank which distributed Confederation Life
bonds was sentenced for not providing its clients with
sufficient information. The bank decided to compensate these
individual victims.
Although we do not fall within this category, we have
succeeded in assuring the rights of the IAA in recovering
not only the invested capital, but also the non-paid interests
and the premiums attached to this loan for a total of 642 460
BEF.
I would like to say that, during the nine years that I have
been in charge of the Secretariat of our association, I have
had the opportunity to experience both enriching and warm
moments from both a professional and a personal point of
view.
%
74.7
11.5
13.8
Total revenue
5 562 501
100
Expenses
Secretariat
Publications
Council meeting 9/28/1996
726 880
4 072 947
736 609
13.1
73.6
13.3
Total expenses
5 536 436
100
Surplus
26 065
Revenue increased by 34% going from
4 140 901 BEF in 1995-1996 to 5 562 501 BEF in
1997-1998, from all sources: membership fees, interest
and revaluation of portfolio.
•
Membership fees reached 4 155 894 BEF against
3 577 665 BEF in 1995-1996, a consequence of the
increase of the ordinary membership fee from 500 BEF
to 600 BEF and the slight improvement in the payments
of the fees: 15% of the 1996-1997 membership fees
were still unpaid on June 30 1997.
•
Interest and revaluation of portfolio also increased
significantly mainly due to the CONFEDERATION
LIFE CY bonds which had been fully written off in
1995 and have been sold unexpectedly for 500 000 BEF
with a 1994-1996 interest of 142 260 BEF, resulting in
an unexpected revenue of 642 260 BEF.
I have enjoyed having the exceptional opportunity to build
very strong bonds with hundreds of my actuarial colleagues
from around the world.
I would sincerely like to thank all those who have helped me
in one way or another in carrying out my duties.
BEF
4 155 894
638 633
767 974
Thank you.”
Expenses increased by 40% from 3 946 647 BEF to 5 536
436 BEF. This strong increase is linked to two major
factors:
The Secretary General’s Report was then approved and
applauded, particularly in recognition of the work performed
by W. Lenaerts during his nine years of service.
•
W. Lenaerts also presented the Treasurer’s Report.
During the first seven months of the 1995-1996 fiscal
year, the Secretariat and the Index preparation were
carried out by the CGER at practically no cost to the
association.
5
•
•
In 1995-1996, the full cost of the annual Council meeting,
which this year represents an amount of 736 609 BEF,
was included in the Centenary Congress costs.
It is important to once again draw attention to the cost of
the publications. This year the IAA Bulletin and the Index
represent 73.6% of the total IAA expenses, and the
distribution cost is more than half of this cost. Actions
are in process to reduce, and in the mid-term to eliminate,
the distribution cost with the use of Internet and CD’s.
The cost of the preparation (and printing) could be reduced
through the use of e-mail by the National Correspondents.
This is currently at the testing stage.
As for the balance sheet at June 30 1997, it is worthwhile to
mention an important change to the International Fund. This
year, the fund has increased to 6 910 500 BEF from 2 685 685
BEF. This increase results from the consolidation of the
deposits in US$ (SOA –USA) and GB£ (IOA – UK) and their
incorporation into the IAA Balance Sheet. It also results from
the recording of Centenary Congress gifts to the fund.
Various changes have also affected the portfolio. The portfolio
represented 12 411 914 BEF on June 30, 1997 against 12 298
327 on June 30 1996: a sale of SICAV funds for 653 384 BEF
has been offset by the revaluation of some SICAV’s for 266
971 BEF and the unexpected revaluation of Confederation Life
Insurance Cy bonds which were, as mentioned above, written
off in 1995 and later sold for 500 000 BEF.”
(3) This includes
Secretariat fees
Support fees to PEC
1991-1997 International
Fund account fees
Office, telecom, postage and bank fees
Total
274 428
220 946
122 573
108 933
726 880
(4) This includes
Bulletin IAA - 24 (64p - 6833 copies) 798 277
Bulletin IAA - 25 (84p - 7200 copies) 703 253
Index IAA 1996-1997
(144p - 7200 copies)
2 571 417
Total
4 072 947
(5) This includes
Organisation, report and
translation fees
Internet study
Room, interpreters, equipment
Dinner
Office, postage, telecom, other
expenses
Total
214 836
71 390
101 585
293 700
55 098
736 609
Note: most of the expenses include a 21% VAT
AUDITED OPERATING STATEMENT 1996-1997
AUDITED BALANCE SHEET AS AT
JUNE 30 1997
Revenue
Membership fees (1)
Interest (net)
Revaluation of portfolio (2)
TOTAL Revenue
4 155 894
638 633
767 974
5 562 501
Expenses
Secretariat (3)
Publications (4)
Council meeting (9/28/1996) (5)
TOTAL Expenses
Surplus
726 880
4 072 947
Total
6
Banks
2 083 343
Deposits
Saving account
US$ deposit (SOA - USA)
GB£ deposit (IOA - UK)
74 549
2 605 561
1 461 984
Total
5 536 436
26 065
(1) Payments received in 1996-1997
(2) Revaluation
Confederation Life Cy bonds
SICAV’s
ASSETS
Receivables and prepaid
Due by ASTIN
Other receivables
Prepaid
Total
500 000
267 974
767 974
Portfolio (1)
TOTAL ASSETS
4 142 094
400 299
376 365
96 036
872 700
12 411 914
19 510 051
NEW DONATION MEMBERS A
LIABILITIES
Debts
Suppliers
Due to the International Fund
Due to AFIR
Carry forward
Total
4 123 313
6 910 506
155 900
143 500
11 333 219
Own Funds
Prior Years
Reserve Congress
Prior year adjustment
1996 - 1997 result
5 634 614
3 149 466
(633313)
26065
Total own funds
TOTAL LIABILITIES
(1) Portfolio particulars
Belgian State 1995-2002 - 8% (BEF)
Belgian State 1995-2004 - 5.10%
(BEF)
8 176 832
19 510 051
4 000 000
3 000 000)
160 ES Panelfund - SICAV’s (ECU’S)
19 Shortfund capital - SICAV’s (LUF)
Confederation Life Insurance Cy
Subord. loan 1993-2000
Total Portfolio
1 758 560
3 153 354
500 000
12 411 914
The report was applauded and the floor was opened for
discussion by the President. M. Murray asked if the 15%
uncollected dues were included in the revenue to which A.
Poncelet responded they were not.
D. Wilkie then raised the question of reducing the expenses
for the 1997-1998 Index. A. Lamens responded that this
point was not on the agenda because Y. Guérard’s proposal
was received late yesterday. The three options proposed by
Y. Guérard would be discussed in his presence. “I can already
tell you,” said the President, “that the plan is to have the
1997-1998 Index on the Internet to reduce costs.”
The Treasurer’s Report was unanimously approved and the
next point was discussed.
NEW INDIVIDUAL MEMBERS
The focus was then on the new individual candidates. With
the support of their national correspondents, they were
unanimously accepted.
The membership of three new Donation Members A,
actuarial associations, was then ratified: Singapore, Poland
and Slovakia. A. Lamens and M. Lacroix were delighted
with the addition of associations from Central and Eastern
Europe. Associations are also being created in Lithuania
and Malaysia. H. Bühlmann highlighted the role of these
associations in these regions of the world as they all
participated in local training programs for actuaries.
The fourth candidate, the Consejo Profesional de Ciencias
Económicas de la Capital Federal (Buenos Aires-Argentina)
was discussed in 1996.
The President explained, “We were not able to accept this
application because actuaries comprised less than 3% of the
total number of members of the Consejo. In October 1996,
I wrote to the President of the Consejo telling him that the
IAA Council was unanimous against accepting the
candidature for the reasons outlined above. However, with
some effort, a satisfactory solution could be found and that
C. Daykin, the Chairman of the IFAA, could be of assistance
in this regard.
Chris did make contact with the Consejo and suggested that
a section be created within the Consejo exclusively for
registered members who were actuaries and who wished to
belong. Chris informed me by letter that the IFAA
Accreditation Subcommittee of August 17, 1997, had
examined this new application to the IAA and the IFAA in
terms of it being a Committee of Professional Actuarial
Activities and that it considered it as responding well to the
criteria of the IAA and the IFAA. Upon approval by the
IAA as Donating Member A, the IFAA was ready to accept
the new Committee as an Observer Member. In order to
become a Full Member of the IFAA, the Committee would,
of course, have to satisfy the requirements concerning the
code of conduct and discipline.”
A. Lamens concluded by suggesting that the application
could be accepted by Council as a Donating Member A, not
as a Consejo, but rather as a Section or Committee of
Professional Actuarial Activities.
In the ensuing discussion, comments were made by F. Arias,
W. Rugland and A. Guldberg. F. Arias indicated that a similar
solution was working quite well in Catalunya. W. Rugland
confirmed that, according to him, the proposal would be
acceptable to both the IAA and the IFAA.
M. Lacroix, M. Balleer and H. Bühlmann expressed their
support for the various applicants.
The President confirmed that all applications were accepted
by the IAA Council.
7
CHANGES IN THE COMPOSITION OF THE IAA COUNCIL
A. Lamens welcomed the new delegates to the Council.
COUNTRIES
INDEX 1996-1997
CHANGES
SOUTH AFRICA
CANADA
M. J. LEVETT
D. K. SMITH
K. VON SCHILLING
JAPAN
K. KOBAYASHI
A. R. MUNRO
S. HANDLER
H. H. PANJER
Y. GUÉRARD
N. NONOGUCHI
UNITED KINGDOM
L. J. MARTIN
P. N. S. CLARK
RENEWAL OF TERMS
The following terms were renewed:
R. J. ATFIELD
AUSTRALIA
A. VEGAS MONTANER
SPAIN
A.D. AFFLECK - Ch. GREELEY - C.E. HUNTINGTON
UNITED STATES OF AMERICA
Y. COUTURIER
FRANCE
J. M. GARCIA
PORTUGAL
ELECTION OF THE PRESIDENT AND OF THE
SECRETARY GENERAL-TREASURER
R. Corley took the floor. “It is a privilege for the Vice-President
representing the U.K. to propose candidates to the positions of
President, Secretary General and Treasurer of the IAA. I would
like to claim such a privilege today. First, for the position of
President. I am aware of the enormous work accomplished by
our current President, particularly during this year that was
dedicated to preparing the IAA for the next century. This will
be for me the last time that I will have the opportunity of
presenting A. Lamens for Presidency.”
The audience applauded enthusiastically. R. Corley continued:
“It saddens me to be unable to propose W. Lenaerts to the
position of Secretary General as I have done in the past two
years. You all know the reasons for this. I think that Willy has
devoted a great amount of time into this work. I would like to
thank him for doing so before presenting Y. Guérard as
candidate to replace him as Secretary General and Treasurer
until the next Concil meeting in June 1998.”
The audience applauded. A. Lamens then took the floor to
thank R. Corley and make two comments. “First of all, I have
been a direct witness to the exceptional work accomplished by
Willy in the past nine years. I will not say more at this time
because we will have the opportunity to honor Willy tonight.
8
My second comment concerns the work accomplished this
past year by the Provisional Executive Committee. Let us
not forget that this was a great help in assuring the success
of our restructure. I would like to thank each of its
members.”
The election proposed by the British representative was
immediately welcomed by a wave of applause. A. Lamens
was appointed President and Y. Guérard, Secretary
General-Treasurer, both until the next meeting of Council
in Brimingham.
THE 1998 IAA CONGRESS IN BIRMINGHAM
After informing participants of Y. Guérard’s airplane
adventures which “left him somewhere in the world,” A.
Lamens introduced H. Scurfield, D. Wilkie and D.
Ferguson to comment on the report presented by the
Organisation Committee. The report is attached.
H. Scurfield first highlighted the fact that Bulletin no. 3
containing the final registration voucher was sent to all
those who were provisionally registered (this bulletin is
available at the London head office). The representative
of the Organisation Committee hopes to reach the same
number of participants as at the last Congress in Brussels
in 1995 (on the basis of the 1,400 participants provisionally
registered to date). Moreover, H. Scurfield reminded the
audience that only sixteen European countries to date had
more than 20 registrants, entitling them to one representative.
In order to benefit from a discount and from a room in a
hotel as close as possible to the Congress venue, participants
were strongly advised to register before December 1, 1997.
H. Scurfield mentioned once again, as he had in the no. 2
issue of the Bulletin, that the Organisation Committee had
five funds available for grants to those participants coming
to the Congress from Central and Eastern Europe or from
developing countries. At this level, promotional work was
limited in order that the volume of requests for help not
exceed the amount of funds available. M. Lacroix, delegate
of the Promotion and Education Fund of the IAA, took this
opportunity to thank the organizers of the last Congress in
Brussels as well as the associations which, during the
Congress in Brussels, made several donations to the
International Fund. H. Scurfield took this opportunity to
ask participants from Council to encourage those requesting
potential assistance to express themselves.
With respect to the scientific program for the next Congress,
D. Wilkie indicated that, to date, he had received about 20
presentations and six national reports. He was expecting
other proposals and reports in the near future. The deadline
for submission was postponed to December 1997.
Attendees were given a humourous and enthousiastic
presentation promoting the Birmingham Congress. Exciting
times await those who attend the Congress in “the city furthest
away from the fine sands and the exotism of the sea.” D.
Ferguson highlighted the illustrious Convention Hall that
will house the plenary sessions of the Congress, and the most
beautiful British manor that will play host for what should
be a “special day” with spouses, children and “politically
correct” acquaintances. A slide show and script was
presented to representatives of national organizations who
wish to present it locally to promote the Congress. Organizers
thanked those who would support the Congress on their own
initiative.
Another initiative of the British organizers was the
development of a questionnaire designed to better identify
the expectations of the participants to such a Congress. This
would allow future Congress organizers to be even more
efficient in their planning (such as for the upcoming congress
in Cancun, Mexico, planned for March 2002).
THE 2002 CONGRESS IN MEXICO
The 2002 Congress will take place in March in Cancun,
Mexico, as previously announced. Preparations are well
underway. A draft of the English regulations has been sent
to the Secretariat for translation. This draft, similar to the
regulations of the Birmingham Congress, will be submitted
to Council, as per the usual timing, on the occassion of the
Birmingham Congress.
THE 2006 CONGRESS
The joint proposal from F. Arias (representing the Council
of Catalunya), and J. Berthon (representing the French
Associations) to merge the bids from Barcelona and Paris
for the 2004 and 2006 Congresses triggered an animated
debate. Barcelona, capable of accommodating 10,000
visitors, would be the welcoming site for the pre-Congress
week with its ASTIN and AFIR colloquia, among others.
The following week, Paris would host the Congress. Such a
proposal demonstrates a positive spirit of cooperation on
the part of both host sites. It, nevertheless, raises two
questions on which, according to several participants,
members may be surveyed:
-
F. Arias, concerned with the comfort of all, wondered
whether organizing two European sites for the preCongress and the Congress would be acceptable for all.
In this case, the views of European members could differ
greatly from those of members from other continents.
-
A. Guldberg believes that it would be preferable to
spread the weeks of the pre-Congress and the Congress
into two different times of the year to avoid being absent
from work for two weeks. Other than problems at work,
this absenteeism could cause problems for spouses and
children. Moreover, each one of these weeks is generally
fully booked. Apart from the scheduled meetings, there
are a range of informal meetings and gatherings among
participants.
Jean Berthon confirmed that F. Arias’ presentation conformed
to the agreement between the Association Française, the
Catalunya Col.legi of Actuaries and the Spanish Association.
He reiterated that the Association Française had submitted
its candidature verbally to Council for the 2006 Congress
back in 1994, and in writing in 1995. He clarified that it
was up to ASTIN and AFIR to show their interest and
agreement with the proposed schedule.
Before the break, D. Wilkie added that this year’s British
experience (pre-Congress and the Congress in Great Britain
during two non-consecutive weeks) would bring interesting
lessons to reflect on.
After the break, the President reminded participants that,
following the Bühlmann report approved during the
September 1997 Council meeting, the Provisional Executive
Committee (PEC) was appointed to prepare a report on the
9
reorganization of the IAA in order that the decisions
regarding the reorganization, the new bylaws and internal
regulations be made at the Council meeting of the General
Assembly at the Congress in Birmingham in June 1998.
Spanish, and maybe even Japanese. Who knows? He
belongs to the world of academia; he is a builder of bridges
and, last but not least, he will be able to devote over half of
his time to this new function.”
“Today we expect to have a thorough and detailed discussion
of all possible points of view. The PEC met again last night
and modified somewhat the document that was sent to you
before this meeting.
A. Lamens reminded those present that J. Berthon was an
official candidate. He thanked H. Bühlmann for his support
and added that “J. Berthon is the Deputy Chairman of the
IFAA. He has already been chosen by a large number of
actuarial associations. Once again, I am not asking for a
decision on this question at this time.”
The document which you have in your hands this morning
already includes the PEC’s modifications of last night.
Thanks to Peter and Roger, this miracle was made possible.
I wish to thank them in your name as well as all the members
of the PEC for all the work they did last year. Peter and
Roger, you have the floor.”
The text of this report is not reproduced in these minutes
because it was sent to all members in November 1997 under
the title, Report to the Members.
After the discussion, the President confirmed that there would
be three meetings in June: the Council meeting, the General
Assembly of the present IAA, and the Council meeting of
the new IAA.
All information pertaining to the decisions, such as the
bylaws, the internal regulations and the transitional measures
will be sent to all current IAA members, individuals and
Donation Members A.
In principle, it will not be necessary to participate in the
Birmingham Congress in order to participate in the Council
meeting and the General Assembly of the present IAA or the
Council meeting of the new IAA.
The Provisional Executive Committee would begin that
evening incorporating the comments and questions raised
during the meeting. It would meet again in February 1998.
A. Lamens proposed that the PEC continue with the same
group to ensure continuity. He continued, “We should,
however, enlarge the team. I propose that J. Berthon join
forces, firstly because there is a lot of work to be done and
Jean is a great worker, and also because the PEC, in its role
as a Provisional Nomination Committee, will propose
J. Berthon as the future President of the IAA. This will be
decided at the Council meeting in Birmingham.”
Speaking of « simple mathematical concepts », H. Bühlmann,
honorary member of the Council, supported the nomination
of Jean Berthon to the presidency. “He meets perfectly the
criteria proposed by M. Lacroix this morning. He will be
particularly capable “to create feelings of mutual esteem in
terms of respect of the rules of the profession among the
IAA members. In addition, he knows many languages. Other
than French, I have heard him speak English, German, Italian,
10
The question of the duration of the term of presidency was
raised again and the President proposed an indicative vote
(not a decision) by a show of hands. The result was 18 in
favor of a mandate of a one-year term, and 21 in favor of a
two-year term.
At the suggestion of the President, the assembly agreed not
to discuss the reports of ASTIN, AFIR, IAIS, IFAA and of
the International Fund, but rather to publish them in this
report.
Meeting dates for the IFAA Committee are as follows:
Cyprus, next January 29-30, United Kingdom (location
undetermined but probably close to Birmingham), next
June 5.
Following, probably as the Council meeting of the IAA, Cape
Town (South Africa), November 2-3, 1998, Madrid, April
1999 and Tokyo, August 29, 1999. To be confirmed by the
Secretariat of the new IAA.
ASTIN:
· Glasgow (Scotland): October 7 or 10, 1998,
· Tokyo: August 22-25, 1999,
· Then with AFIR, at the Costa Esmeralda (Italy):
September 17-20, 2000.
For AFIR:
·
Cambridge (United Kingdom): September 15-17, 1999
at the same time as the British Investment Group’s
Convention.
A. Guldberg, a Scandinavian participant, highlighted once
again the cost of travel and asked for a study on the possibility
of video-conferencing. “This would allow for a higher
number of participants at our meetings,” he said. In Australia,
audio-conferencing was used rather than video-conferencing.
It was received with mixed reviews due to the quality of
communications. It was far from being perfect as C. Prime
confirmed. On the other hand, the cost of video-conferencing
remains high. The Secretariat should seriously study the
feasibility and the cost of this new technology. M. Lacroix
pointed out that the European Community had been
successfully using these techniques for at least 20 years now.
They use rooms equipped especially for this purpose and
the results are generally good.
IV.
During the year the Rules were modified to include, as
members of the Committee, individuals who serve as
chairmen of IFAA subcommittees. This also resulted
in a change of the Rule which required subcommittee
chairmen to be delegates to the Committee. Also, the
Rules have been modified to streamline subcommittee
appointments.
V.
At the April meeting, the Guidelines for Making Public
Statements were agreed to. These appear to be working
satisfactorily.
Brief news from J. Lemaire: circulation of the ASTIN
Bulletin had, for the first time, exceeded 3 000 copies.
The ASTIN and AFIR representative for this meeting drew
attention to the AFIR report which proposes to honor F.
Delavenne, who recently resigned from his duties as the
President of AFIR. This could be carried out at the IAA
Council meeting during the Birmingham Congress where a
special award could be presented. The President noted that
F. Delavenne was one of the originators of AFIR which he
launched, developed and directed for many years. The
Council approved that special recognition take place at the
next Council meeting.
In closing the meeting, the President expressed special thanks
to the assembly for «its patience, the high level of
participation, its resistance and the richness of the debates.
Quite frankly, said A. Lamens, I couldn’t have expected more
and better. We are now well prepared to be on time for our
reorganization at the Birmingham Congress in June 1998. I
would like to thank you from the bottom of my heart.»
IFAA REPORT
I.
Since the last meeting of the IAA Council, the IFAA
Committee has met twice: April 25, 1997 in the
Netherlands and August 17, 1997 in Australia.
II.
Scheduled meetings:
•
•
•
•
•
January 29-30, 1998: Paphos, Cyprus
June 5, 1998: UK
November 2-3, 1998: Cape Town, South Africa
April 1999: Madrid, Spain
August 29, 1999: Tokyo, Japan
III. New leadership was elected by the Committee in
August.
Willem Meijer announced he will be unable to serve
as Chairman; he had been elected Deputy Chairman a
year ago.
Walter Rugland was elected Chairman.
Jean Berthon was elected Deputy Chairman.
Chris Daykin was elected Past Chairman.
These three serve as members of the IFAA Committee
without being delegates of member associations. Paul
McCrossan was applauded for his service as an IFAA
leader. His term as Past Chairman ended.
VI. The IFAA’s Nomination Subcommittee has established
guidelines to use in selecting nominees for leadership
as well as subcommittee positions. These will be
subject to ratification at the next meeting of the IFAA
Committee. They address diversity and access.
VII. An IFAA subcommittee has been addressing the
articulation of an actuarial syllabus, which can be a
basis for actuarial qualification in the future among
member organizations. It will report a recommended
approach in June 1998.
VIII. The IFAA has undertaken direct consultation with the
International Accounting Standards Committee (IASC)
and its steering committees, which are working on
reporting pension obligations and reporting methods
for financial institutions, including insurance
companies. The IASC initiative is responsive to a
demand from the International Organization of
Securities Commissions, whose members regulate
major stock exchanges throughout the world. Our
involvement is timely; it is not harmonious.
IX. Chris Daykin and I presented the concept behind the
IFAA to the International Association of Insurance
Supervisors (IAIS) last month. I believe it was well
received; we have been invited to establish a working
relationship with the Technical Committee of the IAIS.
X.
The IFAA’s membership of Full and Associate
Members is now approaching 50 associations. The
commitments to strengthening professionalism, which
many associations have made, are being monitored and
are being fulfilled.
XI. During the last year, at every opportunity, the IFAA
has reinforced its fundamental principal that it is an
association of associations where every member
association has the opportunity to participate and have
a voice. Every Full and Associate member association
has a delegate to the Committee, and is informed of
the establishment of a new subcommittee to which it
11
can delegate a representative. Actions can only be taken
by the Committee, in actual meetings or by electronic
or mail/fax vote. This process has presented challenges,
but has been managed well and works. Efforts are
underway to make it less costly and easier with the use
of the Internet and related e-mail as well as providing
teleconference facilities for individuals unable to attend
face-to-face meetings of subcommittees.
XII. I am personally gratified by the success of the IFAA.
Through the IFAA, we have created a worldwide
organization of actuaries who will soon point to a
common base for professionalism and all that this
means.
We will post this report on the IFAA Web Site.
Thank you.
Walter S. Rugland
Chairman, IFAA
AFIR SECTION REPORT
Membership and Scope of Activities
Over the last few years, the worldwide membership of AFIR
seems to have stabilized at approximately 2000. The primary
purpose of AFIR as a section of the IAA continues to be the
holding of annual colloquia to discuss scientific papers on
the matters of investment and finance. These annual
colloquia have been very successful and have served a
valuable purpose of creating a global network of academic
and business actuaries who are involved in the fields of
investment and finance or who are merely interested in these
subjects. We do not anticipate any need for a fundamental
change in the charter of AFIR.
A key issue for AFIR is whether to hold a colloquium in the
year of an International Congress of Actuaries (ICA). We
recognize that the IAA strongly prefers that AFIR not
convene a colloquium in the year of an ICA. We understand
this issue to be essentially a matter of competition, both as
to the number of attendees and the number and quality of
scientific papers desired for an ICA. However, the success
of the annual AFIR colloquia as a global networking forum
for actuaries has driven the desire and need to hold a
colloquium every year. No colloquium was held in 1992
when the ICA was held in Montreal. However, a colloquium
was held in Brussels in 1995 during the end of the week
immediately preceding the ICA, and a colloquium is
scheduled in 1998 at a time (mid-September) not at all
associated with the ICA (early June). The AFIR Council
will study this issue carefully before making a decision
regarding 2002 when the ICA will take place in Mexico.
12
Finances
Given the limited scope of its activities, the financial position
of AFIR is very sound. Currently, our unaudited financial
statements show an excess of assets over outstanding
obligations in the approximate amount of BEF 2,500,000.
Our funds are used primarily for the costs of printing and
distributing various materials to members. With few
exceptions, the host country for each AFIR Colloquium is
responsible for the entire finances of operating the
colloquium that it hosts. Beginning with the 1994
Colloquium in Orlando, we have mailed to each AFIR
member, not only those attending the colloquium, a summary
of the published papers. This summary includes the titles
and abstracts of all the published papers, together with the
regular mail address, phone and fax numbers, and e-mail
address of each author. The distribution costs of these
materials have been covered by general AFIR funds. At the
AFIR Colloquia in Brussels (1995) and Cairns (1997), prizes
were offered for the top three papers. The costs of these
prizes have been borne directly by general AFIR funds.
A challenge faced by the organizing committee of each AFIR
Colloquium is how to encourage the participation of
academics, both students and faculty members. People in
academia seldom have the same financial support for
attending conferences that people engaged in a commercial
endeavor enjoy. Various reductions in registration fees and
full or partial subsidization of travel expenses have been
attempted as a means to encourage academic participation,
particularly for students. These measures have brought about
at least modest success, but pose a significant financing
challenge to the host country, only a small part of which has
been met by general AFIR funds. Under the direction of
Alf Guldberg (Sweden), the new Secretary of AFIR, a small
group of AFIR Council members will study this issue and
make recommendations that may include changes in how
AFIR funds are sourced and utilized.
The Cairns Colloquium
A highly successful AFIR Colloquium was held in Cairns
from August 13-15, 1997. This was the first time that an
AFIR Colloquium was convened at the same time and place
as an ASTIN Colloquium. The ASTIN Colloquium was
held from August 11-13, 1997. The middle day of the weeklong event, August 13, was devoted to a joint session of
AFIR and ASTIN and featured papers, both invited and
submitted, that were of interest to non-life, investment, and
financial actuaries. It seemed to be a nearly unanimous view
that this “experiment” of a joint AFIR/ASTIN session was a
huge success. The Japanese, who are hosting both the AFIR
and ASTIN Colloquia in Tokyo in 1999, are planning to use
a similar format.
The gala dinner was held on the evening of the day of the
joint session. This made it a true “closing” event for ASTIN
and a sort of “mid-stream” event for AFIR. It was a truly
memorable occasion for all attendees because it featured the
award and presentation of a gold medal by the Institute of
Actuaries of Australia to Gregory Taylor on the occasion of
the Institute’s Centenary. There were many tributes to
Professor Taylor ’s career of outstanding actuarial
achievements in both academic and business settings.
Continuing the inaugural practice of the Belgians to award
prizes for the best papers, the Australians distinguished the
following papers:
First Prize:
Regime Switching Vector Autoregression:
A Baysian Markov Chain Monte Carlo
Approach, by G.R. Harris
Second Prize:
Equity-Linked Life Insurance in Germany:
Quantifying the Risk of Additional Policy
Reserves, by D.J.F. Nonnenmacher and
J. Russ
Applications of Scrambled Low
Discrepancy Sequences to Exotic Options,
by K.S. Tan and P. Boyle
Special Recognition
During his remarks at the opening of the joint AFIR/ASTIN
session on August 13, 1997, James Tilley commended
François Delavenne for his long service to AFIR. François
Delavenne was instrumental in forming the AFIR section of
the IAA, in nurturing the young section during its early years,
in hosting the inaugural AFIR Colloquium in Paris in April
1990, and in leading AFIR as its president until his
resignation in June 1997. James Tilley sent a special letter
of recognition and gratitude to François at the termination
of the AFIR Colloquium. In that letter, Dr. Tilley suggested
that Mr. Delavenne’s record be given special recognition in
a public ceremony at the 1998 ICA, during which a special
award would be made. The AFIR section would like to hear
the views of the IAA Council on that proposal.
The Future of the IAA
The written materials describing the reorganization
recommendations of the Provisional Executive Committee
(PEC) have been distributed to each member of the AFIR
Council. However, only a few AFIR Council members have
yet had an opportunity to communicate their views to me on
the proposed reorganization of the IAA. At the August 15th
Council meeting in Cairns, we had a brief discussion on the
PEC’s proposals.
In general, there is support for the general direction proposed
by the PEC. Our prinicipal concern is that the position and
stature of AFIR within the reorganized IAA would be reduced
over time to that of a mere subcommittee of the proposed
Scientific & Individual Members’ Interest Committee
(SIMIC). There is comfort with the concept that SIMIC
would be the body within the reorganized IAA that would
provide administrative and executive support to AFIR and
other autonomous sections. Yet, we want to make sure that
AFIR is represented directly on the IAA Council, exactly as
is the situation currently. Furthermore, within the
reorganized IAA, the AFIR Council wants to preserve the
kind of “autonomy” that AFIR enjoys currently regarding
its ability to organize annual colloquia and to deal with its
own financial matters. We see future opportunities of “scale”
for AFIR that a reorganized and revitalized IAA could bring
over time.
In summary, while the AFIR Council has not had sufficient
time to critique the PEC’s proposals in detail, it is fair to say
that there is high-level support for the general direction that
the PEC has outlined. Subject to the conditions stated in the
immediately preceding paragraph, I, as President of AFIR,
support the PEC’s reorganization proposal.
Respectfully submitted,
James A. Tilley
President, AFIR
Report of the delegation of the ISSA
As Chairman of the Permanent Committee for Statistical,
Actuarial and Financial Studies, the International Social
Security Association (ISSA), I have pleasure in presenting
the report of the ISSA delegation to the IAA Council.
A most successful International Conference of Social
Security Actuaries and Statisticians took place in Prague,
Czech Republic on 2-4 June 1997. Working groups
established after the previous year’s seminar in Balatonfüred,
Hungary presented reports on methods of financing social
security, investment of social security funds and actuarial
application of health care statistics. There was also a good
discussion on the need for an international standard of
practice for social security actuaries.
Training activities were arranged in English (for actuarial
technicians and trainee social security actuaries – in Nairobi)
and in English and Spanish (for social security actuaries in
Belize). A training course in French for actuarial technicians
is taking place this autumn.
It is hoped to establish a joint working group of the ISSA
and the International Forum of Actuarial Associations (IFAA)
to consider the development of a standard of practice for
social security actuaries.
13
REPORT ON 26th INTERNATIONAL
CONGRESS OF ACTUARIES
7-12 JUNE 1998, BIRMINGHAM, UK
Registration
At the end of July 1997, the following provisional
registrations were received:
Actuaries:
1313
Partners:
820
Children:
194
Pre & post Congress
Tours (adults):
487
Papers:
249
Poster Displays:
59
PC Demonstrations: 68
National Reports:
38
Historically, the number of provisional registrations has
always been higher than the number of actual registrations.
Although it is difficult to estimate final attendance figures,
we are hopeful that between 1000 and 1100 actuaries will
be in Birmingham.
Bulletin Three, which sollicits actual registration, was issued
in August 1997 and, by the date of this meeting, it should
have reached all those who registered provisionally. If you
have not yet received your copy of Bulletin Three, or if
you know of anyone who has not yet received theirs, please
contact the Secretariat of the Institute in London.
Registration is due now; early bookings for hotels and tours
receive preferential treatment and a discount is offered to
those who register before December 1, 1997.
Scientific Programme
The early response to the scientific programme has been very
good and we expect a busy and stimulating week which,
because of the many simultaneous meetings, should be
relevant and interesting to everyone. More than 40 sessions
will be taking place and we shall be trying to ensure that
each is chaired by someone who has a particular interest in
that subject. To enable us to plan well in advance, it would
be very helpful if each country eligible to provide a
Congress Vice-President and Secretary would advise us
early of their nominations, indicating their special
actuarial interests.
Review
A small International Review Committee has been
established to prepare a questionnaire on all facets of the
1998 Congress, to be completed by all delegates at the
Birmingham Congress. Its purpose is to seek the views of
delegates on the extent to which they found the Congress
useful and on what improvements they would like to see at
future events. A draft questionnaire was agreed to with our
colleagues organising the Mexican Congress in 2002.
14
IAA
Arrangements have been made for the usual meeting of the
Council of the IAA on Saturday, June 6 which will be
followed by a dinner for members and their wives.
Hugh Scurfield, Chairman 1998 Congress Committee
4. PROCÈS-VERBAL DE LA SÉANCE DU CONSEIL DE DIRECTION
DE L’ASSOCIATION ACTUARIELLE INTERNATIONALE
RAPPORT DE LA RÉUNION DU CONSEIL
DE L’AAI
TENUE À BRUXELLES, LE 27 SEPTEMBRE 1997
Le 27 septembre 1997 s’est tenue la session du Conseil de
l’AAI au Conrad Hôtel de Bruxelles. L’ambiance fût très
chaleureuse avec des gestes de reconnaissance multiples qui
traduisirent encore une fois l’excellent climat de collaboration
qui règne dans l’Association.
L’avion de Yves Guérard plana longtemps au-dessus de ce
Conseil mais celui-ci finit par atterrir pour lui permettre de
rejoindre, sous les applaudissements dans le courant de
l’après-midi, les participants du Conseil.
La matinée fut marquée par la reconnaissance unanime de
l’ampleur du travail fourni, d’une part, par W. Lenaerts tout
au long de ses mandats de Secrétaire Général et de Trésorier
de l’AAI et, d’autre part, par les membres du Comité Exécutif
Provisoire pour leurs travaux de ces douze derniers mois
relatifs aux propositions d’organisation pour la nouvelle
structure de l’AAI.
En introduisant la réunion, le Président, A. Lamens, attire
l’attention de l’assemblée sur le fait que la réunion durera
toute la journée et que la plus grande partie de celle-ci sera
consacrée à la réorganisation de l’AAI. Le rapport du PEC
sera présenté le matin après le break et toute l’après-midi
pourra être consacrée à la discussion du rapport. Il donne la
parole au Secrétaire Général, W. Lenaerts.
vous rappelle que des premières propositions d’objectifs et
de structure répondant aux besoins actuels et futurs de l’AAI
avaient été approuvées par le Conseil à savoir l’élargissement
des objectifs et la création d’une Organisation Unique
regroupant l’AAI et le FIAA. Un Comité Exécutif Provisoire
a été constitué, présidé par A. Lamens et composé de :
•
•
•
•
•
•
Martin Balleer
Roger Corley
Yves Couturier
Yves Guérard
Peter Kuys
Jim MacGinnitie
pour développer et mettre au point les propositions de
changement.
Depuis lors, un travail considérable a été accompli, le Comité
Exécutif Provisoire s’étant réuni à cinq reprises :
•
•
•
•
•
à Bruxelles, le 28/9/96
à Cologne, le 10/1/97
à Amsterdam, le 24/4/97
à Paris, le 7/7/97
et hier, à Bruxelles, le 26/9/97.
Entre chacune de ces réunions, des versions successives de
notes, d’objectifs et de structures ont été établies et diffusées,
dans un but de dialogue, à un panel d’actuaires suffisamment
large pour être représentatifs de la profession.
«Chers Amis,
Grâce à leurs réactions, parfois très franches mais toujours
constructives, une note « Propositions de Réorganisation 8e projet » a pu être envoyée aux Membres du Conseil de
Direction le 21/7/97 en version anglaise et le 24/7/97 en
version française.
Les efforts de ceux qui ont joué un rôle actif dans le
fonctionnement de l’AAI se sont portés essentiellement, au
cours de l’année écoulée, sur deux éléments.
La principale difficulté à laquelle s’est heurté le Comité
Exécutif Provisoire a été de conserver une structure duale
d’Associations Membres et de Membres Individuels.
D’une part, l’organisation du 26e Congrès International qui
aura lieu l’an prochain, au mois de juin, à Birmingham et
sur lequel nos amis britanniques nous feront rapport plus
tard dans cette journée. L’état d’avancement est maintenant
tel que le Bulletin n°3 va être expédié et que les inscriptions
définitives peuvent commencer.
Dans le 8e projet qui vous a été distribué, cette dualité a été
conservée au niveau de l’appartenance à l’AAI (membership)
et des activités (Section Scientifique). Elle ne l’a pas été au
niveau des pouvoirs de décisions, les droits de vote, qui ont
été exclusivement attribués aux Associations Membres.
RAPPORT DU SECRÉTAIRE GÉNÉRAL
D’autre part, les réflexions sur la mise en œuvre des
conclusions du Groupe de Travail sur l’avenir de l’AAI, qui
avaient été présentées par Hans Bühlmann à la dernière
réunion du Conseil de Direction le 28 septembre 1996. Je
L’objectif est de présenter au Conseil de Direction de l’AAI,
qui se réunira à Birmingham le 6/6/98, un projet de nouveaux
statuts de l’AAI, à soumettre au vote de nos membres qui
seront réunis en Assemblée Générale quelques jours plus
tard, pendant la semaine du Congrès.
15
Au cours de l’année écoulée, le Secrétaire Général, à
l’invitation de la Society of Actuaries des États-Unis, a assisté
à l’Annual Convention qui s’est tenue en octobre 1996 à
Orlando.
services éminents rendus par W. Lenaerts dans cette fonction
pendant plus de neuf années.
C’est également W. Lenaerts qui présente le rapport du
Trésorier.
Il a rencontré en Belgique, en janvier 1997, le nouveau
Secrétaire Général désigné, Yves Guérard, afin de discuter
des modalités de transfert du Secrétariat à Ottawa et a, enfin,
eu l’occasion de rencontrer, à Hong Kong, le Président de
l’Actuarial Society of Actuaries of Hong Kong.
À la fin de la période sous revue, l’effectif de l’AAI se
présente de la manière suivante :
• 6 921 membres ordinaires
• 142 membres donateurs.
AAI
COMPTES AUDITÉS 1996-1997
RAPPORT DU TRÉSORIER
Chers Collègues,
L’exercice 1996-1997 aura été une année de transition pour
notre association qui est en voie de restructuration. Le
compte d’exploitation 1996-1997 qui a été audité peut se
résumer comme suit :
Je voudrais terminer ce rapport du Secrétaire Général par
une note particulièrement positive.
Vous vous souvenez qu’en 1995 nous avions dû amortir une
somme de 500 000 BEF représentant un investissement des
avoirs de l’AAI en Obligations de Confederation Life. Nous
estimions, en effet, que les possibilités de récupérer notre
mise étaient quasiment inexistantes. Cette affaire, qui avait
fait un grand nombre de dupés en Belgique, a donné lieu à
une action en Justice intentée par un groupement de
personnes individuelles victimes de la déconfiture de
l’assureur canadien.
La Banque distributrice en Belgique des Obligations
Confederation Life a été condamnée pour informations
insuffisantes de sa clientèle de particuliers. Elle a décidé
d’indemniser les personnes physiques victimes de la débâcle.
Revenus
Cotisations des membres
Intérêts (nets)
Réévaluation du portefeuille
BEF
4 155 894
638 633
767 974
%
74.7
11.5
13.8
Total des revenus
5 562 501
100
Dépenses
Secrétariat
Publications
Conseil du 28/9/1996
726 880
4 072 947
736 609
13.1
73.6
13.3
Total des dépenses
5 536 436
100
Surplus
26 065
Malgré que nous soyons une personne morale, nous avons
pourtant réussi à faire valoir les droits de l’AAI et à récupérer
de la sorte non seulement le capital investi mais aussi les
intérêts non payés et les primes liées à cet emprunt, c’est-àdire une somme totale de 642 460 BEF.
Les revenus sont passés de 4 140 901 BEF l’an dernier à
5 562 501 BEF cette année, soit une augmentation de plus
de 34% provenant tant des cotisations, que des intérêts
et des réévaluations.
Je profite de mon temps de parole pour vous dire que durant
ces neuf années où j’ai été en charge du Secrétariat de notre
Association, j’ai eu l’occasion de vivre des moments
particulièrement enrichissants et chaleureux, tant du point
de vue professionnel que personnel.
•
Les cotisations des membres ont atteint 4 155 894 BEF
contre 3 577 665 BEF l’an dernier suite à l’augmentation
des cotisations des membres ordinaires de 500 à 600
frs et à une légère amélioration des délais de paiement
(15% des cotisations 1996-1997 étaient encore impayées
au 30/6/97).
•
Intérêts et réévaluation du portefeuille sont également
en forte augmentation suite principalement à une plus
value sur obligations CONFEDERATION LIFE CY
complètement amorties en 1995 et qui, contre toute
attente, ont pu être revendues pour 500 000 BEF avec
des intérêts de 142 260 BEF pour 1994-1995 soit un
revenu imprévu de 642 260 BEF.
J’ai bénéficié d’une opportunité exceptionnelle pour tisser
des liens d’amitié avec des centaines de collègues actuaires
de part le monde.
Je tiens à remercier sincèrement tous ceux qui d’une manière
ou d’une autre m’ont permis de mener à bien ma tâche. Je
vous remercie.»
Le rapport du Secrétaire Général est approuvé et
particulièrement applaudi en signe de reconnaissance des
16
Quant aux dépenses, elles sont passées de 3 946 647 BEF
à 5 536 436 BEF, en augmentation de 40%. Cette
augmentation est liée pour l’essentiel à deux facteurs :
•
•
•
Pendant les sept premiers mois de l’exercice 1995-1996,
le Secrétariat et la préparation de l’Index étaient
pratiquement gratuits pour l’association grâce au
concours bénévole de la CGER.
Dépenses
Secrétariat (3)
Publications (4)
Réunion du Conseil (28/9/1996) (5)
TOTAL des dépenses
26 065
(1) Paiements reçus en 1996-1997
(2) Réévaluation
Confederation Life Cy obligations
SICAV
Il est important d’attirer à nouveau l’attention sur le
coût des publications : le coût du Bulletin AAI et de
l’Index ont représenté cette année 73.6% du total des
dépenses de l’association, les frais de distribution
représentent plus de la moitié de ce coût. La réduction
(voir l’élimination à moyen terme) des coûts de
distribution par l’utilisation d’Internet et/ou CD est
envisagée. Les coûts de préparation (voir aussi
d’impression) de l’Index pourraient être réduits par
l’utilisation (en test actuellement) du courrier
électronique par les correspondants nationaux.
(3) Ceci comprend
Honoraires Secrétariat
Honoraires Support PEC
Honoraires comptes Fonds
International 1991-1997
Frais bureau, poste, télécom, banque
Enfin, différents changements ont affectés le portefeuille :
celui-ci représente 12 411 914 BEF au 30 Juin 1997 contre
12 298 327 BEF au 30 Juin 1996 suite à une vente de SICAV
pour 653 384 BEF plus que compensée par la réévaluation
inattendue des obligations Confederation Life Cy évoquée
ci-dessus à concurrence de 500 000 BEF.
5 536 436
Surplus
En 1995-1996, les frais de la réunion annuelle du
Conseil, qui représentent cette année 736 609 BEF,
avaient été pris complètement en charge dans les frais
du Congrès du Centenaire.
En ce qui concerne le bilan au 30 Juin 1997, il y a lieu de
signaler un important changement : cette année, les dépôts
en US$ et en GB£ du Fonds International aux États-Unis
et en Grande Bretagne ont été intégrés dans le bilan de l’AAI
et leur consolidation explique que le Fonds est passé de 2
685 685 BEF à 6 910 500 BEF. Cet accroissement s’explique
également par l’enregistrement des dons faits au Fonds lors
du Congrès du Centenaire.
726 880
4 072 947
736 609
500 000
267 974
Total
767 974
274 428
220 946
122 573
108 933
Total
726 880
(4) Ceci comprend
Bulletin AAI - 24 (64p - 6833 ex)
Bulletin AAI - 25 (84p - 7200 ex)
Index AAI 1996-1997 (144p - 7200 ex)
Total
798 277
703 253
2 571 417
4 072 947
(5) Ceci comprend
Honoraires organisation, rapports,
traductions
Étude Internet
Salle, interprètes, équipement
Dîner
Frais bureau, poste, télécom, autres
dépenses
214 836
71 390
101 585
293 700
55 098
Total
736 609
Note : la plupart des dépenses comprennent une
TVA taxe de 21 %
BILAN AUDITÉ AU 30 JUIN 1997
COMPTE D’EXPLOITATION AUDITÉ
1996-1997
Revenus
Cotisations des membres (1)
Intérêt (net)
Réévaluation du portefeuille (2)
TOTAL des revenus
4 155 894
638 633
767 974
5 562 501
ACTIF
Banques
2 083 343
Dépôts
Livret d’épargne
Dépôt en US$ (SOA - ÉU)
Dépôts en GB£ (IOA - GB)
74 549
2 605 561
1 461 984
Total
4 142 094
17
À recevoir et payés d’avance
Dû par ASTIN
Autres à recevoir
Payés d’avance
Total
Portefeuille titres (1)
ACTIF TOTAL
PASSIF
Dettes
Fournisseurs
Dû au Fonds International
Dû à AFIR
À reporter
Total
Fonds propres
Report exercices précédents
Réserve Congrès
Ajustement exercice précédent
Résultat 1996-1997
Total fonds propres
PASSIF TOTAL
(1) Détail du Portefeuille
État Belge 1995-2002 - 8% (BEF)
État Belge 1995-2004 - 5.10% (BEF)
160 ES Panelfund - SICAV (ECU’S)
19 Shortfund capital - SICAV (LUF)
Confederation Life Insurance Cy
Emprunt subordonné 1993-2000
Total Portefeuille
400 299
376 365
96 036
872 700
12 411 914
19 510 051
NOUVEAUX MEMBRES INDIVIDUELS
On se penche ensuite sur l’examen des nouvelles
candidatures individuelles. Appuyées par leurs
correspondants nationaux, celles-ci sont acceptées à
l’unanimité.
NOUVEAUX DONATEURS A
4 123 313
6 910 506
155 900
143 500
11 333 219
5 634 614
3 149 466
(633313)
26065
8 176 832
19 510 051
4 000 000
3 000 000
1 758 560
3 153 354
500 000
12 411 914
Le rapport est applaudi et la discussion est ouverte par le
Président. M. Murray pose la question de savoir si les
cotisations impayées, représentant environ 15 %, sont inclues
dans les revenus. La réponse négative est donnée par A.
Poncelet.
D. Wilkie pose ensuite la question de la réduction des
dépenses relatives à l’Index 1997-1998. A. Lamens répond
que ce point n’a pas été mis à l’ordre du jour, le plan proposé
par Y. Guérard n’ayant été reçu que la veille. Y. Guérard a
prévu trois options qui seront discutées en présence de Y.
Guérard. « Je peux déjà vous dire, annonce le Président,
que l’intention est de mettre l’Index 1997-1998 sur Internet
pour réduire les coûts ».
18
Le rapport du Trésorier est ensuite approuvé à l’unanimité.
L’Assemblée passe au point suivant.
L’adhésion de trois nouveaux membres donateurs A,
associations d’actuaires, est ensuite ratifiée, à savoir celles
de Singapour, de Pologne et de Slovaquie. A. Lamens et M.
Lacroix se réjouissent tous deux de la multiplication des
associations dans le Centre et l’Est de l’Europe et en Lituanie
et en Malaisie de nouvelles associations seraient également
en train de voir le jour. H. Bühlmann souligne ensuite
l’importance de ces associations dans ces régions du monde
car elles ont toutes participé aux programmes de formation
des actuaires locaux.
La quatrième candidature, celle du Consejo Profesional de
Ciencias Económicas de la Capital Federal (Buenos-Aires,
Argentine), a déjà été discutée en 1996.
« Vous vous rappellerez, dit le Président, que nous n’avions
pas pu accepter cette candidature, les actuaires représentant
moins de 3 % du nombre total des membres du Consejo.
J’ai écrit, en octobre 1996, au Président du Consejo lui
indiquant que le Conseil de l’AAI avait été unanime pour ne
pas accepter cette candidature pour la raison indiquée cidessus et qu’avec quelques efforts d’imagination, une
solution satisfaisante pourrait être trouvée et, qu’à cette fin,
contact pourrait être pris avec C. Daykin, Président du
FIAA ».
Chris a pris contact avec le Consejo et il a été suggéré de
créer, au sein de celui-ci une section regroupant
exclusivement les membres actuaires enregistrés, désireux
d’en faire partie. Chris m’a fait part, par lettre, que le Souscomité de l’agrément du FIAA avait examiné, le 17 août
1997, la nouvelle candidature à l’AAI et au FIAA, sous la
forme d’un Comité des activités actuarielles professionnelles
et qu’il avait considéré que cette candidature répondait bien
aux critères de l’AAI et du FIAA. Dès acceptation par l’AAI,
en tant que Donateur A, le FIAA était prêt à accepter le
nouveau Comité comme Membre Observateur. Pour devenir
Membre à part entière du FIAA, le Comité devrait, bien
entendu, satisfaire aux règles concernant le code de conduite
et de discipline.
A. Lamens conclut en suggérant que la candidature puisse
être acceptée par le Conseil en tant que Membre Donateur
A, non en tant que Consejo mais bien en tant que Section ou
Comité des activités actuarielles professionnelles.
W. Rugland confirme que, selon lui, la proposition est tout à
fait acceptable tant pour l’AAI que pour le FIAA.
Suit une discussion à laquelle participent F. Arias, W.
Rugland et A. Guldberg. F. Arias indique qu’une solution
similaire fonctionne parfaitement bien en Catalogne.
M. Lacroix, M. Balleer et H. Bühlmann apportent leur appui
aux différentes candidatures.
Le Président confirme que toutes les candidatures présentées
sont acceptées par le Conseil de l’AAI.
CHANGEMENTS DANS LES MANDATS AU
CONSEIL DE DIRECTION DE L’AAI
A. Lamens souhaite la bienvenue aux nouveaux mandataires au Conseil :
PAYS
INDEX 1996-1997
CHANGEMENTS
AFRIQUE DU SUD
M. J. LEVETT
A. R. MUNRO
D. K. SMITH
S. HANDLER
CANADA
K. VON SCHILLING
H. H. PANJER
Y. GUÉRARD
JAPON
K. KOBAYASHI
N. NONOGUCHI
ROYAUME-UNI
L. J. MARTIN
P. N. S. CLARK
RENOUVELLEMENT DES MANDATS
Les mandats suivants sont renouvelés :
R. J. ATFIELD
AUSTRALIE
A. VEGAS MONTANER
ESPAGNE
A. D. AFFLECK - Ch. GREELEY - C. E. HUNTINGTON
ÉTATS-UNIS D’AMÉRIQUE
Y. COUTURIER
FRANCE
J. M. GARCIA
PORTUGAL
ELECTION DU PRÉSIDENT ET DU SECRÉTAIRE
GÉNÉRAL - TRÉSORIER
R. Corley prend alors la parole : « C’est un privilège qui
appartient au Vice-Président représentant la Grande-Bretagne
de proposer les candidatures aux postes de Président, de
Secrétaire Général et de Trésorier de l’AAI. Je tiens, tout
particulièrement cette fois, à exercer ce privilège. Pour la
candidature à la Présidence, d’abord. Je suis bien conscient
de l’énorme travail accompli par notre actuel Président,
particulièrement durant cette année consacrée à faire de l’AAI
une organisation prête pour le prochain siècle. C’est pour
moi la dernière fois que j’aurai l’occasion de présenter
A. Lamens pour la Présidence. »
L’assemblée applaudit vivement. R. Corley continue : « Je
suis triste de ne pas pouvoir faire comme ces deux dernières
années et proposer W. Lenaerts au poste de SecrétaireGénéral - Trésorier. Les raisons sont connues de chacun. Je
pense que le temps consacré par Willy à son travail a été
énorme et je veux l’en remercier avant de vous présenter la
candidature de Y. Guérard pour le remplacer comme
Secrétaire-Général et Trésorier, jusqu’au prochain Conseil
de Juin 1998. »
L’assemblée applaudit. Ensuite, A. Lamens prend la parole
pour remercier R. Corley et il fait deux remarques : « Tout
d’abord, j’ai été un témoin direct du travail extraordinaire
accompli par Willy pendant ces neuf dernières années. Je
19
n’en dis pas plus maintenant car nous aurons l’occasion de
fêter Willy ce soir. Ma deuxième remarque concerne le travail
accompli par le Comité Exécutif Provisoire pendant cette
dernière année. Ne l’oublions pas, ce fut une aide précieuse
pour assurer la réussite de notre restructuration. Je tiens à
remercier ici chacun des membres. »
L’élection proposée par le représentant britannique est
immédiatement saluée par une nouvelle salve
d’applaudissements : A. Lamens est nommé Président et Y.
Guérard Secrétaire Général - Trésorier, tous deux jusqu’à la
prochaine réunion du Conseil à Birmingham.
CONGRÈS DE 1998 À BIRMINGHAM
Après avoir informé les participants des caprices de l’avion
de Y. Guérard «se trouvant quelque part dans le monde», A.
Lamens introduit H. Scurfield, D. Wilkie et D. Ferguson qui
commentent le rapport présenté par le Comité Organisateur.
Ce rapport se trouve en annexe.
H. Scurfield prend d’abord la parole pour souligner que le
bulletin n°3, comprenant le talon d’inscription définitif, avait
été envoyé à tous les inscrits de façon provisoire (ce bulletin
étant bien sûr à disposition au siège de Londres). Le
représentant du Comité Organisateur espère atteindre le
nombre d’inscrits au dernier Congrès de Bruxelles de 1995
(au départ des 1.400 inscriptions provisoires enregistrées à
ce jour). D’autre part, H. Scurfield rappelle que seuls seize
pays européens disposaient, à ce jour, de plus de vingt inscrits
leur donnant droit à un représentant.
Afin de profiter d’une réduction et de pouvoir bénéficier de
l’octroi d’une chambre dans un hôtel aussi proche que
possible du lieu du Congrès, il est vivement conseillé de
s’inscrire avant le 1er décembre 1997.
H. Scurfield rappelle encore - mention avait déjà été faite
dans le Bulletin n°2 - que le Comité Organisateur dispose
de cinq fonds destinés à l’octroi de bourses pour faciliter la
participation de membres de régions plus difficiles comme
le Centre et l’Est de l’Europe ou de pays en voie de
développement. La promotion à ce niveau est limitée, de
façon à susciter un volume de demande d’aide qui ne dépasse
pas les fonds disponibles. A ce sujet, M. Lacroix, délégué
du Fonds de Promotion et de Formation de l’AAI, en profite
aussi pour remercier les organisateurs du dernier Congrès
de Bruxelles ainsi que les associations qui ont, à l’occasion
du Congrès de Bruxelles, octroyé de nombreux dons au
Fonds International. A ce stade-ci, H. Scurfield encourage
les participants du Conseil à informer les demandeurs
potentiels d’une aide à se manifester.
D. Wilkie, parlant dans le cadre du programme scientifique
du prochain Congrès, a reçu à ce jour une vingtaine de
20
présentations et six rapports nationaux. D’autres propositions
et rapports devraient lui parvenir prochainement. L’échéance
pour déposer les propositions et les présentations a été
reportée au mois de décembre.
Pour la promotion du Congrès de Birmingham, on eut droit
a une présentation pleine d’humour et d’enthousiasme. Les
ressources environnant la ville du Congrès, Birmingham «la
ville la plus éloignée des sables fins, de l’exotisme, de la
mer» ne manqueront pas. D. Ferguson insiste sur l’illustre
Convention Hall qui abritera les sessions plénières du
Congrès, sur le plus beau manoir de Grande Bretagne qui
accueillera les hôtes du Congrès pour ce qui devrait être un
«spécial day» avec épouse/époux/enfants et connaissances
«politiquement correctes» ainsi que sur Strafford et l’Écosse.
Un jeu de diapositives accompagnées d’un script est proposé
aux représentants d’associations nationales qui le souhaitent,
pour présenter et promouvoir localement le Congrès. Les
organisateurs remercient à l’avance ceux et celles qui
soutiendront de leur propre initiative le Congrès.
Autre initiative des organisateurs britanniques, la création
d’un questionnaire destiné à mieux cerner les attentes des
participants à un tel Congrès. Cela devrait permettre aux
organisateurs des Congrès ultérieurs à celui de Birmingham
(comme celui de Cancun, au Mexique, prévu pour mars 2002)
d’être encore plus efficace.
CONGRÈS DE 2002 AU MEXIQUE
Le Congrès de 2002 aura lieu à Cancun au Mexique, en
mars comme annoncé précédemment. La préparation est
déjà bien avancée. Un projet de règlementation en anglais a
été envoyé au Secrétariat pour traduction. Ce projet, proche
du règlement du Congrès de Birmingham sera soumis,
conformément au timing habituel, au Conseil à l’occasion
du Congrès de Birmingham.
CONGRÈS DE 2006
Des discussions animées suivent la proposition conjointe de
F. Arias (représentant du Conseil de la Catalogne), et J.
Berthon (représentant des Associations françaises) de
concilier les candidatures de Barcelone et Paris pour les
Congrès de 2004 ou 2006. Barcelone, qui dispose de
l’infrastructure nécessaire pour accueillir plus de 10.000
visiteurs, se chargerait d’accueillir pendant une semaine le
pré-congrès avec les réunions des colloques ASTIN, AFIR
et autres sections, tandis que Paris recevrait, la semaine
suivante, le Congrès proprement dit. Cette proposition
démontre l’état d’esprit positif des deux candidats. Celle-ci
pose, néanmoins, deux interrogations qui pourraient, selon
plusieurs participants, être sondées dans une enquête à
réaliser auprès de l’ensemble des membres :
-
-
F. Arias, soucieux du confort de tous, se demande si le
fait d’envisager deux lieux européens différents pour
le pré-congrès et le Congrès est opportun pour tout le
monde, la position des membres européens risquant
de diverger de celle des membres venant des autres
continents.
Le texte du rapport n’est pas reproduit dans ce procès-verbal
puisqu’il a été envoyé à tous les membres en novembre 1997
à titre de Rapport aux membres.
A. Guldberg, quant à lui, estime qu’il est préférable de
répartir les semaines du Pré-Congrès et du Congrès à
deux moments différents de l’année de manière à éviter
de s’absenter quinze jours d’affilée, ce qui pourrait
contrarier certains employeurs et, peut-être aussi,
certains époux/épouse et enfants. Aussi, chacune de
ces semaines sont généralement chargées puisque, en
dehors des réunions prévues, il existe une multitude
de réunions informelles et contacts entre congressistes.
Toutes les informations relatives aux décisions, c’est-à-dire
les statuts, le règlement intérieur et les mesures transitoires
seront envoyées à tous les membres actuels de l’AAI,
individuels et donateurs A.
J. Berthon confirme que la présentation de F. Arias est
conforme à l’accord pris entre l’Association Française, le
Collège de Catalogne et l’Association Espagnole. Il tient,
toutefois, à rappeler que l’Association Française s’est portée
candidate pour le Congrès de 2006 dès 1994, verbalement
au Conseil et en 1995, par écrit. Il tient également à préciser
que c’est surtout à ASTIN et AFIR à manifester leur intérêt
et leur accord sur la formule proposée.
Avant le break, D. Wilkie ajouta, fort à propos, que
l’expérience britannique de cette année (déroulement du précongrès et du Congrès en Grande Bretagne sur deux semaines
non consécutives) apportera des enseignements intéressants
concernant ces points de réflexion.
Après la pause, le Président rappelle qu’à la suite du rapport
Bühlmann, approuvé lors du Conseil de septembre 1997, le
Comité Exécutif Provisoire avait été désigné pour préparer
un rapport sur la réorganisation de l’AAI, afin que les
décisions quant à cette réorganisation, aux nouveaux statuts
et règlement intérieur puissent être prises lors du Conseil et
de l’Assemblée Générale à l’occasion du Congrès de
Birmingham en juin 1998.
« Ce que nous attendons aujourd’hui, c’est une discussion
complète et détaillée entre toutes les tendances possibles.
Le CEP s’est encore réuni hier soir et a apporté certaines
modifications au document de base qui vous avait été envoyé
avant cette réunion.
Le document qui vous est présenté ce matin tient déjà compte
des modifications discutées hier soir au CEP. Grâce à Peter
et Roger, ce miracle est devenu possible : je veux les en
remercier en votre nom, comme je veux remercier tous les
membres du CEP pour l’énorme travail accompli cette
dernière année. La parole est à Peter et Roger. »
Après la discussion, le Président confirme : « il y aura donc,
en juin, trois réunions et Assemblée Générale de l’actuelle
AAI et, ensuite, le Conseil de la nouvelle AAI.
En principe, il n’est pas nécessaire de participer au Congrès
de Birmingham pour participer au Conseil et à l’Assemblée
Générale de l’actuelle AAI ni, d’ailleurs, au Conseil de la
nouvelle AAI.
Le Comité Exécutif Provisoire va devoir se remettre au
travail, dés ce soir, pour intégrer les commentaires et
remarques de cette réunion. Il se réunira encore en février
1998. Je propose que nous poursuivions avec la même équipe
pour assurer la continuité. Il faudrait élargir cette équipe.
Je souhaite que Jean Berthon en fasse partie d’abord parce
qu’il y a beaucoup de travail à accomplir et que Jean est un
grand travailleur mais aussi parce que le CEP, fonctionnant
comme Comité Provisoire des Nominations, va proposer Jean
Berthon comme futur Président de l’AAI. Ce sera à
Birmingham que le Conseil aura à en décider. »
S’appuyant sur des « concepts mathématiques simples » H.
Bühlmann, membre honoraire du Conseil, soutient la
candidature de Jean Berthon à la Présidence. « Il répond
parfaitement aux critères proposés ce matin par M. Lacroix.
Il sera particulièrement capable de « créer, parmi les membres
de l’association, des sentiments d’estime mutuelle dans le
cadre du respect des règles de la profession. » Il connaît, en
outre, un grand nombre de langues : outre le français, je l’ai
entendu parler anglais, allemand, espagnol, italien et peutêtre même le japonais, qui sait ! Il appartient au monde
académique, c’est un constructeur de ponts et, enfin, ceci
est important, il disposera de plus de la moitié de son temps
pour cette nouvelle fonction. »
A. Lamens rappelle qu’il s’agit d’une « candidature
officielle ». Il remercie H. Bühlmann et ajoute : « J. Berthon
est Président élu du FIAA; il a donc déjà été choisi par un
grand nombre d’associations d’actuaires. Encore une fois,
je ne vous demande pas de décision à ce sujet, maintenant. »
La question de la durée du mandat de Président est remise
sur le tapis et le Président propose un vote indicatif (non
une décision) à main levée. Le résultat est le suivant : 18
participants en faveur d’un mandat d’un an et 21 en faveur
d’un mandat de deux ans.
21
Sur invitation du Président, l’assemblée marque son accord
pour que les rapports d’ASTIN, d’AFIR, de l’AICA, du
FIAA et du FONDS INTERNATIONAL ne soient pas
discutés en réunion mais joints au rapport de celle-ci.
d’AFIR, qu’il l’a lancé, l’a mis sur orbite et l’a dirigé pendant
de longues années. L’assemblée marque son accord pour
qu’un hommage tout particulier soit rendu lors du prochain
Conseil.
Quelques dates de réunions du Comité FIAA : Chypre, les
29 et 30 janvier prochain, Royaume-Uni (lieu non fixe mais
probablement près de Birmingham), le 5 juin prochain.
Ensuite, probablement, en tant que Conseil de l’AAI, Cape
Town (Afrique du Sud), les 2-3 novembre 1998, Madrid, en
avril 1999 et Tokyo, le 29 août 1999. A confirmer, bien
entendu, par le Secrétariat de la nouvelle AAI.
Pour terminer cette longue et fructueuse journée, le Président
remercie l’assemblée pour « la patience, le haut niveau de
participation, la résistance et la richesse du débat.
Franchement, dit-il, nous ne pouvions espérer plus, ni espérer
mieux. Nous sommes maintenant mieux armés pour arriver
à temps à bon port avec notre projet de réorganisation de
l’AAI. Je vous en remercie du fond du cœur. »
Pour ASTIN :
·
·
·
Glasgow (Écosse) : 7 ou 10 octobre 1998
Tokyo : 22-25 août 1999
Puis avec l’AFIR, à la Costa Esmeralda (Italie) : 17-20
septembre 2000.
RAPPORT DU FIAA
I.
Depuis la dernière réunion du Conseil, le Comité du
FIAA s’est rencontré à deux reprises, soit le 25 avril
1997 aux Pays-Bas et le 17 août 1997 en Australie.
II.
Réunions prévues :
Pour AFIR :
·
• les 29 et 30 janvier 1998 : Paphos (Chypre)
• le 5 juin 1998 : Royaume Uni
• les 2 et 3 novembre 1998 : Cape Town (Afrique
du Sud)
• avril 1999 : Madrid (Espagne)
• le 29 août 1999 : Tokyo (Japon)
Cambridge (Royaume-Uni) : 15-17 septembre 1999, en
même temps que le British Investment Group dont ce
sera la Convention.
Un participant scandinave, A. Guldberg, insiste à nouveau
sur le problème des frais de transport et demande d’étudier,
pour certaines réunions, les possibilités de vidéo-conférence
« ceci permettrait, dit-il, d’accroître le nombre de participants
à nos réunions. » En Australie, nous n’avons pas utilisé la
vidéo-conférence mais l’audio-conférence : cela fut un succès
mitigé principalement à cause de la qualité des
communications. C’était loin d’être parfait comme le
confirme C. Prime. D’autre part, le coût des vidéoconférences reste très élevé. Le Secrétariat devrait étudier
très sérieusement la faisabilité et coûts de l’utilisation des
nouvelles technologies. M. Lacroix rappelle que, depuis
vingt ans au moins, les Communautés Européennes utilisent
ces techniques avec succès : elles disposent à cette fin de
salles spécialement équipées et le résultat est généralement
bon.
Petite nouvelle communiquée de la part de J. Lemaire : la
circulation du Bulletin d’ASTIN a pour la première fois
dépassée les 3.000 exemplaires.
Le représentant d’ASTIN et d’AFIR à la réunion attire
l’attention sur un passage du rapport d’AFIR où il est proposé
de rendre un hommage tout particulier à F. Delavenne qui
vient de démissionner de ses fonctions de Président de
l’AFIR. Cet hommage pourrait être rendu au Conseil de
l’AAI qui se tiendra lors du Congrès de Birmingham au cours
duquel une récompense spéciale pourrait lui être remise. Le
Président rappelle que F. Delavenne a été un des initiateurs
22
III. Au mois d’août, le Comité a élu les nouveaux membres
de la direction.
Willem Meijer annonce qu’il ne pourra assumer la
fonction de Président; il avait été élu Président adjoint
l’an passé.
Walter Rugland est élu Président.
Jean Berthron est élu Président adjoint.
Chris Daykin est élu Président sortant.
Ces trois personnes sont membres du Comité du FIAA
sans être représentants d’une association membre. Le
Comité applaudit Paul McCrossan pour ses services à
titre de leader du FIAA. Son mandat à titre de Président
sortant est venu à échéance.
IV.
Au cours de l’année, les Règlements ont été modifiés
de manière à ce que les présidents des sous-comités du
FIAA soient automatiquement membres du Comité du
FIAA. Le règlement qui stipulait que les présidents
des sous-comités n’y étaient invités que sur une base
informelle, a donc dû être modifié. De plus, les
Règlements furent modifiés afin de rationaliser le
processus de nominations au sein des sous-comités.
V.
Les Principes directeurs en matière de déclarations
publiques sont adoptés à la réunion d’avril. Cela
semble bien fonctionner.
VI. Le Sous-comité des nominations du FIAA a établi des
lignes directrices sur la sélection de candidats à la
direction et au sein des sous-comités. Celles-ci devront
être ratifiées à la prochaine réunion du Comité du FIAA.
Les lignes directrices tiennent compte de la diversité
et de l’accès.
VII. Un sous-comité du FIAA a vu à l’élaboration d’un
programme d’études actuarielles, qui pourra
éventuellement servir de base aux associations
membres en matière de qualification actuarielle. Ce
sous-comité présentera sa recommandation en juin
1998.
VIII. Le FIAA a consulté le Comité international des normes
comptables (CINC) et ses comités permanents, qui
travaillent sur les rapports en matière d’obligations
d’épargnes et sur les méthodes de rapports à l’intention
des institutions financières, y compris les sociétés
d’assurance. L’initiative du CINC répond à une
demande du International Organization of Securities
Commissions, dont le rôle consiste à réglementer les
échanges majeurs sur le marché mondial. Notre
participation est opportune, cependant les points de vue
sont divergents.
IX. Chris Daykin et moi-même avons présenté le concept
du FIAA à l’Association Internationale des Contrôleurs
d’Assurance le mois dernier. Je crois que cette
présentation a été bien reçue et nous avons été invités
à établir une relation de travail avec le Comité technique
de l’AICA.
X.
L’effectif des Membres à part entière et associés du
FIAA se chiffre à près de 50 associations. Un certain
nombre d’associations ont respecté leur engagement
visant à renforcer le professionnalisme et sont en voie
de terminer leurs travaux en ce sens.
XI. Au cours de la dernière année, le FIAA a renforcé, à
chaque occasion possible, le principe fondamental
selon lequel il constitue une association d’associations
où chaque association membre a la chance de participer
et a droit de vote. Chaque association Membre à part
entière et associé nomme un délégué au Comité et est
avisée de la création de nouveaux sous-comités à
l’égard desquels ils peuvent nommer un représentant.
De telles décisions ne peuvent être prises que par le
Comité, soit dans le cadre d’une réunion, par vote
électronique, par la poste ou par télécopieur. Ce
procédé a présenté quelques difficultés, par contre il
est bien géré et fonctionne bien. Des mesures ont été
prises afin de simplifier et de réduire les coûts associés
au procédé en ayant recours à l’Internet et à d’autres
modes de communications connexes, ainsi qu’au
moyen de conférences téléphoniques pour les personnes
qui ne peuvent participer aux réunions formelles des
sous-comités.
XII. Je suis personnellement fier du succès du FIAA. À
travers le FIAA, nous avons créé une organisation
mondiale d’actuaires qui sous peu auront adopté une
définition commune du professionnalisme et tout ce
que cela implique.
Ce rapport paraîtra sur le site Web du FIAA.
Merci.
Walter S. Rugland
Président du FIAA
RAPPORT DE LA SECTION AFIR
Membres et portée des activités
Ces dernières années, le nombre de membres de l’AFIR
semble s’être stabiliser à deux mille environ. Le rôle premier
de l’AFIR, en tant que section de l’AAI, est à organiser des
colloques annuels afin de débattre des articles scientifiques
en matière d’investissement et de finance. Ces colloques
annuels, très fructueux, ont concrétisé un projet louable : la
création d’un réseau mondial d’actuaires spécialistes
d’affaires ou de professeurs de sciences actuarielles,
travaillant dans les secteurs de la finance ou des
investissements, ou tout simplement intéressés en la matière.
Nous n’estimons donc aucun besoin d’effectuer des
changements fondamentaux à la charte de l’AFIR.
À l’heure actuelle, notre principale préoccupation porte sur
la pertinence de l’organisation d’un colloque, l’année même
où se déroule le Congrès international des actuaires (CIA).
Pour sa part, l’AAI préférerait que notre colloque n’ait pas
lieu la même année que le CIA. Selon nous, il s’agit
uniquement d’une affaire de concurrence entre l’AAI et un
colloque de l’AFIR, tant au niveau du nombre de participants
que du volume et de la qualité des articles scientifiques requis
dans le cadre d’un CIA. Or, vu le succès des colloques
annuels de l’AFIR, forums internationaux permettant la
création de réseaux d’actuaires, nous désirons, et même, nous
avons besoin d’un colloque chaque année. Lors du CIA de
Montréal, en 1992, aucun colloque de l’AFIR n’a eu lieu.
Néanmoins, en 1995, nous avons organisé un colloque à
Bruxelles, à la fin de la semaine précédant le CIA; en outre,
en 1998, un colloque totalement distinct du CIA (prévu début
juin), devrait prendre place à la mi-septembre. Le Conseil
de l’AFIR planchera sur ce problème avec le plus grand
sérieux avant d’arrêter sa décision concernant l’an 2002, où
le Mexique accueillera le CIA.
23
Finances
Vu la portée limitée des activités de l’AFIR, notre position
financière est très saine. À l’heure actuelle, notre bilan non
contrôlé atteste un excès d’avoirs par rapport aux dettes, soit
un montant approximatif de 2.500.000 FB. Une grande partie
de nos fonds sert à payer les frais d’impression et de
distribution des divers documents à nos membres. À de rares
exceptions près, c’est le pays d’accueil de chaque colloque
de l’AFIR qui est chargé de l’aspect financier du
fonctionnement du colloque en question. À compter du
colloque à Orlando, en 1994, l’AFIR a expédié à tous ses
membres, y compris à ceux qui n’avaient pas assisté au
colloque, un résumé des articles publiés, extraits à l’appui,
et assorti des coordonnées de chaque auteur. Les fonds de
l’AFIR ont permis d’amortir ces frais de distribution. Lors
des colloques de Bruxelles (1995) et de Cairns (1997), les
trois meilleurs documents ont été primés : le montant de ces
prix a été payé par les fonds de l’AFIR.
Le Comité Organisateur de l’AFIR est confronté à un défi :
comment encourager la participation d’universitaires, qu’il
soient étudiants ou membres de facultés? En effet, les
universitaires ne bénéficient en général pas du même soutien
financier que le secteur commercial pour participer à des
conférences. Nous avons tenté d’instaurer un montant
d’inscription réduit, voire de financer en tout ou en partie
les frais de déplacement afin d’encourager la participation
des universitaires, notamment des étudiants. Malgré ces
mesures, nous n’avons remporté qu’un succès modeste. Mais
le véritable problème se pose au niveau du pays hôte,
confronté à des difficultés financières dont l’AFIR n’acquitte
qu’une petite partie. Sous la direction d’Alf Guldberg
(Suède), le nouveau Secrétaire de l’AFIR, un petit groupe
de membres du Conseil de l’AFIR étudiera ce problème et
formulera des recommandations susceptibles d’entraîner des
modifications dans l’utilisation de nos fonds.
Le colloque de Cairns
C’est à Cairns que s’est déroulée l’édition 97 du colloque
d’AFIR (du 13 au 15 août). Cet événement a été couronné
de succès. Pour la première fois, un colloque d’AFIR prenait
place au même endroit et au même moment qu’un colloque
d’ASTIN (du 11 au 13 août 1997). Le 13 août, qui marquait
la jonction entre les deux colloques, une session commune
d’AFIR et d’ASTIN a permis de présenter des travaux
d’intérêt pour les actuaires spécialistes de la non-vie, de
l’investissement et des finances. De l’avis unanime des
participants, cette session conjointe est à marquer d’une
pierre blanche. Les Japonais, qui accueilleront les colloques
d’AFIR et d’ASTIN en 1999, ont l’intention de réitérer cette
expérience.
24
Le soir de la session conjointe avait lieu le dîner de gala.
Pour ASTIN, il s’agissait d’un événement «de clôture», et
pour AFIR, une pause à «mi-course». Pour toutes les
personnes présentes, ce gala fut véritablement mémorable :
il consacrait la remise d’une récompense et la présentation
d’une médaille d’or, décernée par l’Institute of Actuaries of
Australia à George Taylor, pour le centenaire de l’institut.
Plusieurs orateurs ont rendu hommage à la carrière du
Professeur Taylor, riche en succès académiques comme
professionnels dans le domaine des sciences actuarielles.
Ensuite, à l’instar des Belges qui décernent des prix aux
meilleurs articles, les Australiens ont honorés les documents
suivants :
Premier prix : Regime Switching Vector Autoregression : a
Baysian Markov Chain Monte Carlo Approach, par G.R.
Harris.
Second prix : Equity-Linked Life Insurance in Germany :
Quantifying the Risk of Additional Policy Reserves, par D.J.F.
Nonnenmacher et J. Russ.
Application of Scrambled Low Discrepancy Sequences to
Exotic Options, par K.S. Tan et P. Boyle.
Tribut particulier
Dans le cadre de son discours inaugural de la session
commune AFIR/ASTIN du 13 août 1997, James Tilley a
salué François Delavenne pour ses bons et loyaux services à
AFIR. François Delavenne a contribué à la création de la
section AFIR de l’AAI : père de la jeune section, il a accueilli
le colloque inaugural à Paris en avril 1990, et a occupé la
présidence d’AFIR jusqu’à sa démission, en juin de cette
année. À la fin du colloque d’AFIR, le Dr James Tilley a
adressé une lettre exprimant sa reconnaissance et sa gratitude
à François : il proposait qu’un hommage soit rendu à la
carrière de François Delavenne à l’issue d’une cérémonie
publique, lors du CIA de 1998. Ce serait l’occasion de
décerner un prix spécial. La section AFIR souhaite que le
Conseil de l’AAI donne son accord à cette proposition.
L’avenir de l’AAI
Le descriptif écrit des recommandations quant à la
réorganisation proposée par le Comité Exécutif Provisoire
(CEP) a été distribué aux membres du Conseil de l’AFIR.
Toutefois, seuls certains d’entre eux ont déjà eu l’occasion
de communiquer leur opinion à ce propos. Le 15 août, lors
de la réunion du Conseil d’AFIR à Cairns, nous avons
brièvement débattu des propositions du CEP.
Le Conseil d’AFIR est favorable à la direction générale
choisie par le CEP. Toutefois, notre souci principal concerne
la place et le statut de l’AFIR au sein d’une AAI nouvelle
formule : avec le temps, l’AFIR pourrait bien se réduire à
un simple sous-comité du SIMIC, le Scientific & Individual
Members’ Interest Committee (comité de défense des
membres individuels et scientifiques). Idée rassurante, il est
question que le SIMIC soit un organe de l’AAI réorganisée,
chargé de l’information et du support administratif de l’AFIR,
et d’autres sections autonomes. Or, nous voulons nous assurer
que l’AFIR soit directement représenté au sein du Conseil
de l’AAI, comme c’est aujourd’hui le cas. Par ailleurs, dans
cette nouvelle AAI, le Conseil de l’AFIR insiste pour
conserver la même «autonomie» qu’à présent au niveau de
l’organisation du colloque annuel et de la gestion des
finances. En effet, nous entrevoyons de futures possibilités
d’évolution pour l’AFIR, envisageables à long terme dans
une AAI revitalisée.
En bref, si l’AFIR ne dispose pas du temps nécessaire à une
critique détaillée des propositions du CEP, il manifeste
néanmoins son soutien à l’orientation générale choisie par
le CEP. Moyennant le respect des conditions précitées, en
tant que Président de l’AFIR, je me déclare partisan de la
proposition de réorganisation du CEP.
Respectueusement,
James A. Tilley
Président de l’AFIR
Programme scientifique
Les premières réactions au programme scientifique ont été
excellentes. La semaine sera active et stimulante. Avec les
nombreuses réunions se tenant simultanément, chacun pourra
trouver ce qu’il souhaite et l’intéresse personnellement. Il y
aura plus de 40 sessions différentes et nous tâchons que
chacune soit présidée par un collègue particulièrement
intéressé par le sujet de celui-ci. Afin de nous permettre
de planifier ceci suffisamment de temps à l’avance, il serait
particulièrement utile que les pays qui sont habilités à
fournir le nom d’un vice-président du Congrès ou d’un
secrétaire nous communiquent rapidement les noms qui
auront été choisis pour ces fonctions en précisant les
domaines particuliers d’intérêt de chacune de ceux-ci.
Questionnaire
RAPPORT SUR LE 26e CONGRÈS
INTERNATIONAL DES ACTUAIRES
7-12 JUIN 1998, BIRMINGHAM (ANGLETERRE)
Inscriptions
Fin juillet 1997, nous avons enregistré les inscriptions
provisoires :
Actuaires :
Partenaires :
Enfants :
Tours avant et
après Congrès
(adultes) :
votre exemplaire du Bulletin n°3 ou si vous connaissez
quelqu’un qui ne l’aurait pas reçu, veuillez contacter au
plus tôt le Secrétariat de l’Institut à Londres. Les
inscriptions devraient être envoyées dès maintenant; les
réservations d’avance pour les hôtels et les tours auront un
traitement privilégié et une réduction est prévue pour les
inscriptions reçues avant le 1er décembre prochain.
1313
820
194
Articles :
249
Posters :
59
Demos PC :
68
Rapports Nationaux : 38
Un petit Comité International a été créé pour préparer un
questionnaire couvrant toutes les facettes du Congrès 1998
qui devrait être rempli par les participants. Le but de ce
questionnaire est de connaître les opinions de ceux-ci sur
l’intérêt de ce Congrès et les améliorations qui pourraient
être apportées à l’occasion des prochaines manifestations.
Un projet de questionnaire a été mis au point en accord avec
les collègues qui organiseront le Congrès de l’AAI en 2002
au Mexique.
AAI
Nous avons prévu l’organisation de la réunion traditionnelle
du Conseil de l’AAI qui se tiendra le 6 juin suivi d’un dîner
pour les membres du Conseil et leurs épouses.
Hugh Scurfield, Président du Comité du Congrès 1998
487
Dans le passé, le nombre effectif de participants a toujours
été inférieur au nombre des inscriptions provisoires.
Quoiqu’il soit difficile de donner un chiffre précis, nous
estimons qu’entre 1000 et 1100 actuaires seront présents à
Birmingham.
Le troisième numéro de notre Bulletin qui devrait voir
confirmer les inscriptions définitives a été publié en août
1997 et devrait avoir été reçu par tous ceux qui s’étaient
inscrits provisoirement. Si vous n’avez pas encore reçu
25
5. ACTUARIAL ASSISTANCE
MAINTAINING A RECORD
An article contributed by the IFAA
1.
2.
Bulletin No. 27, V-1997 published an article entitled
Developing a Record, a first contribution by the IFAA
on advice and assistance activities within the actuarial
profession worldwide. This second article, Maintaining
a Record, reports on activities for the past year.
Activities for prior years which did not appear in the
March 1997 article are also included.
The report has many uses, including the following :
· Provide a clearer overview of the providers and
recipients of assistance.
· Institute of Actuaries examination centres not shown
in Table 1:
Barbados
Mauritius
Botswana
Nigeria
not shown in Table 1:
· Facilitate cooperation among provider associations
Colombia Greece
South Korea
· Help associations in need of assistance to identify
providers who are likely to be the most effective
partners in terms of proximity and previous
experience.
· Identify possible gaps in the provision of assistance.
3.
The information has come from various sources.
Organizations whose advice and assistance activities are
not reflected in this article are encouraged to provide
this information to the IAA Secretariat in Ottawa for
publication in the next issue of the April Bulletin.
4.
Details not apparent from Table 1 are as follows:
Ethiopia
Kenya
· Additional Society of Actuaries examination centres
· Suggest where duplication of effort can be avoided.
working with the same recipients so that the same
resources can be put to better effect.
Italy*
Kenya
Nigeria
* temporary examination site set up according to
candidate demand
· Additional Casualty Actuarial Society examination
centre not shown in Table 1:
Lebanon
· The Institute and Faculty of Actuaries in the UK offer
special facilities to members in all low-income
countries. These include reduced joining fees, annual
subscription fees and examination fees; free access
to core reading material; tuition material at reduced
rates.
· The UK also offers to new actuarial associations and
· The IAJ is working with two Chinese universities to
to universities setting up actuarial education programs
in countries where the profession is new or
undergoing rejuvenation, the following: free library
membership; a free set of core reading material;
textbooks, journals and other actuarial items for newly
established actuarial libraries.
establish the IAJ’s examination centers for the
upcoming examinations in December 1998.
· The Institute of Actuaries has an agreement with the
· The Institute of Actuaries of Japan (IAJ) offers the
ASEA (Actuarial Seminar of East Asia) for about one
month every summer in Tokyo and Osaka for about
twenty students from the East Asia region.
· The IAA Fund provides scholarships for individuals
from actuarially developing countries to attend
summer schools, seminars, conferences and diploma
courses. Countries assisted include Albania, Latvia,
Lithuania, Russia and Ukraine. Three substantial
scholarships were awarded, assisted by funding from
26
Woodrow Milliman in memory of the late Sidney
Benjamin, FIA, to a Russian (Boris Afanasiev) to
study in London for a year, to a Chinese (Professor
Yu Luo) to study in the USA for a year, and to an
Estonian (Tarmu Koll) to study in London from
October 1997 to May 1998.
Central University of Finance and Economics in
Beijing to provide lecturers, tuition materials and
examinations in cooperation with the Eagle Star
Insurance Group. Plans are under consideration to
extend support, and introduce examination centres,
elsewhere in China, starting with the Shanghai
University of Finance and Economics (SUFE).
· Bursaries have been provided for the IAA Congress
· In 1993, the SOA sent a collection of the Transactions
in Birmingham. Funds have been donated by the
Faculty and Institute of Actuaries Research
Committee, Staple Inn Actuarial Society, Canadian
Institute of Actuaries and the IAA Centenary Fund.
to the Bangladesh Insurance Academy; in 1994, it
sent ASA study notes to Bangladesh; and, in 1996, it
sent exam catalogs, ASA study notes and Actuarial
Mathematics to the University of Dhaka.
· The Institute of Actuaries of Australia has been
· In 1994, the SOA sent its entire Fellowship exam
running an actuarial education program in Jakarta,
Indonesia, supported by the Australian Government,
corporate sponsors and by the IAA Fund.
· In 1997, the SOA provided advice on starting an
· The German Actuarial Association (DAV) organized
actuarial organization to Mr. Rotimi Okpaise, a
Nigerian FIA and ASA.
a seminar on actuarial science for actuaries and others
from Eastern European countries. Participation was
high and the seminar, which is sponsored by the
German government, with the assistance of the DAV,
is to be repeated.
· The IFAA and the Groupe Consultatif have begun
exchanging information on a regular basis.
· ASTIN has made a donation of 16 actuarial textbooks
to 120 associations of actuaries and universities
around the emerging world. The 16 books were
selected by a panel of ASTIN experts. In the future,
ASTIN is contemplating sponsoring educational
seminars in emerging countries.
· In January 1997, the SOA, in cooperation with the
Education Subcommittee of the IFAA, made available
on the SOA Website an International Continuing
Education Calendar which enables every actuarial
association to publicize its education meetings and
enables anyone searching for a meeting on a particular
topic or in a particular location to do so on the World
Wide Web.
material to the Siberian Actuarial Society.
4.
Table 2, Professional Assistance, covers a variety of
activities, all of which are linked by the professional
theme. Examples are:
· assistance provided by a regional actuarial body
(Groupe Consultatif) to a Commission representing
a grouping of sovereign states (EU);
· assistance provided by an actuarial association to its
own national government or national regulatory
authority;
· assistance provided by an actuarial association to
another government or its regulatory authority;
· assistance provided by one or more actuarial
associations to other actuarial associations on noneducational matters;
· assistance provided to other professions or nongovernment organizations.
· The Society of Actuaries (SOA) has a formal
agreement with Nankai University, Tianjin, China
(PRC) which includes sponsorship of a three-year
graduate program. Students have access to faculty,
receive their thesis supervision, receive textbooks and
study notes at no cost, and pay no examination fee.
In addition, the SOA sends a substantial amount of
study material and other actuarially related documents
to many locations in China.
· In 1989 and 1993, the SOA designed topics, recruited
speakers and coordinated the hosting of two Japanese
delegations of 20-40 people to four North American
cities.
27
TABLE 1
EDUCATIONAL ASSISTANCE-1997
Recipients
Assisting Organizations
ASTIN
Albania
Argentina
Australia
Austria
Bahamas
Belarus
Belgium
Bermuda
Brazil
Bulgaria
Canada
Carribean
Chile
China
China (PRC)
Croatia
B(5)
28
IAA
Fund
SA
IAAust
IAJ
SOA
UK
SP
SBP
E(1), RCAS, W
R-CAS,T
E(1)
T
R-CAS
E(1)
D, AC, RCAS
B(3)
E*
E
SP
SA
E
EI, SS
E
E
E*
AD 2/98, CB
E
E
S, CB
EI
CB
E(16), RCAS, W
B
D, E(1), T
B(10)
B(2)
Czech Republic B(4)
Denmark
Ecuador
Egypt
B
England
Israel
DAV
B
Cyprus
Estonia
Finland
France
Georgia,
Republic of
Germany
Ghana
Hong Kong
Hungary
India
Indonesia
Iran
Ireland
CAS
B
SP
E(1), RCAS, T
AC, T, SS
W
SA
SA
SP
SA
SP
S
E, SS
S, D(2), E
E(6), LP
E*
SA
E, LP, SA, V, CB
BAD 10/97/
2/98, CB
OA, E
CB
T
D, E(2), RCAS, V, W
T
R-CAS, T
E(1)
E
E
EI, SS
CB
OA, E
E, CB
E
B
R-CAS, T
B
B
B(2)
B(2)
E (1)
T
E(1)
D, R-CAS,
T, V
E(1), R-CAS, T, W
SP
E, SS
E, SS
SA
LP, R, SS
SP
E*
E, R, SS
EI
E*
SA, E
E
OA, TT 7/95
OA, V, E(6), LP
E, CB
OA, E
TABLE 1 – CONTINUED
Recipients
ASTIN
CAS
Jamaica
Japan
B
Korea
Latvia
Lithuania
B(7)
B
B(3)
E(1)
D, E(1), RCAS, T, V
E(1), T
T
T
Malaysia
Mexico
B(3)
B(5)
B
E(2), W
D, E(1), RCAS, T, W
E(1), RCAS
R-CAS, T
E(1), RCAS, T
E(1)
R-CAS, T
SS
W
E(1)
B(10)
SS, T
Netherlands
New Zealand
Norway
Pakistan
Philippines
Poland
Portugal
Romania
Russian
Federation
B(5)
Scotland
DAV
SP
SP
SP
SA
SA
SP
SP
SOA
UK
E
E*, R, SS
E
E
S
SS
SP
SA
E, EI, OA, SS
E(2), S(2),
RG(1), OA
E
E
EI, SS
SA
SP
CB
AD 11/97 9/98,
E, CB
E
V, E, CB
S
OA, E, CB
SA
RG(2), EI, SS
AD 5/96, 9/96,
10/96, E, ISA
10/97, SA, SE, TT 3/98,
BAD 11/97, CB
E(1), RCAS, T, W
Serbia
Singapore
B(2)
E(1), RCAS, T
Slovak Republic
Slovenia
South Africa
B(2)
B
B(3)
SP
SS
SP
D, E(2), RCAS, T, W
R-CAS
E(1), SS, T
R-CAS, T
E(1), RCAS, T, W
E(1), R-CAS
Spain
Sri Lanka
Sweden
Switzerland
Taiwan (ROC)
Thailand
Trinidad
Turkey
Ukraine
United Arab
Emirates
Uruguay
Venezuela
Zimbabwe
Assisting Organizations
IAA
IAAust
IAJ
Fund
B(4)
B(2)
SP
SP
OA
E
E(2)
SE, CB
BAD 6/97
E(4), CB
R
E*
E
SA
E, R
E, SP
SP
E(1)
B(3)
B(3)
E
SA
SA
E(2)
E
E
SS
E(1)
E*
E(1)
SS
E
B(2)
B
E
E
E
E
AD 2/98
E
29
Key
AC
AD
B
BAD
CAS
CB
D
DAV
E
EI
IAJ
IS
Lecture program
Organizational assistance for educational
CAS Academic Correspondent ($75 U.S. fee for
institutions
academics to receive CAS publications)
R
Reciprocal exchange of Directory, Catalogues and
Advanced Diploma Course (mo./yr in which course
“The Actuary”
started)
R-CAS Reciprocal exchange of Yearbook, Newsletter and
Package of 16 texts to universities or educational
Published Research Papers
institutions. (Figures represent numbers of institutions
RG
Research grant (plus number awarded)
receiving)
S
Speaker for special event
Basic Actuarial Diploma Course (mo./yr in which
SA
Scholarship assistance
course started)
SBP
CAS Subscriber Program ($335 U.S. fee to receive
Casualty Actuarial Society
CAS publications and meeting announcements)
Congress Bursary
SE
Student employment assistance
Hosted visiting delegation
SOA Society of Actuaries
German Actuarial Association
SP
Hosted seminar with participants from recipient
Examination Centres (digits show number of
countries shown
centres)
SS
Substantial amount of study material sent
Educational institution receiving associate study
T
Sent Foundations of Casualty Actuarial Science
exam notes plus R documents
TT
Training the trainers seminars
UK
Institute and Faculty of Actuaries
Institute of Actuaries of Japan
Introductory Seminar on the Role of Actuaries in
V
Visit to recipient organization
W
Web Site linkage
Insurance and Pensions
TABLE 2
Recipient
LP
OA
Source and nature of assistance
Asia Committee
SOA
In 1997, the SOA instituted the Asia Committee to promote the development of actuarial science in Asia and
provide better service to its over 600 members there.
International
Accounting
Standards
Committee
IFAA
Communications on E54 (International Accounting Standard on Employee Benefits) have continued.
Submissions have also been made on E55 (Impairment of Assets), E59 (Provisions, Contingent
Liabilities and Contingent Assets) and the Discussion Paper on Financial Assets and Financial Liabilities.
European
Commission
Groupe Consultatif: during 1997 and 1998:
a) provided advice on the interpretation of “Actuarial Calculations” in the Third Life Insurance Directive
b) responded to the Commission on the Solvency of Insurance Undertakings and provided general
comments on the current EU solvency regime for insurance companies
c) organised meetings with pension and insurance supervisory authorities (in particular in May 1998 to
discuss impact of International Accounting Standards).
China (PRC)
The Institute and Faculty of Actuaries in the UK provided the following assistance:
Supported actuarial seminars in Urumqi in September 1997 and in Beijing and Shanghai in January 1998.
Hungary
Provided information about practice standards to Federation of Mutual Funds.
Oman
Hosted a visit of the Director of Insurance at the Ministry of Commerce and Industry to discuss the supervision
of insurance organizations.
Poland
Hosted a visit of officials from the State Insurance Supervisory Office (PUNU) for discussion at Staple Inn.
Romania
Hosted visit of actuary from Insurance Supervisory Authority
Russia
Provided materials on the regulation of Life Insurance and advice on establishing a mortality investigation.
Also organised substantial programme of translation of actuarial materials into Russian, with financial assistance
from the UK government’s Know How Fund.
Slovenia
Provided advice on development of actuarial association.
30
6. NEWS FROM ASTIN
NOUVELLES D’ASTIN
ADVANCE NOTICE OF ELECTIONS
AVIS D’ÉLECTIONS ANTICIPÉES
Notice is hereby given that, following the resignation of
Dr. Harry Reid from the ASTIN Committee, a special election
will be held during the General Assembly of the forthcoming
ASTIN Colloquium, to be held in Glasgow in October.
Candidates are invited to express their interest in becoming a
member of the ASTIN Committee by contacting the ASTIN
Chairman, Mr. Edward Levay. Applications supported by
national associations of actuaries will be given additional
consideration.
Suite à la démission de M. Harry Reid, un mandat
est à pourvoir au sein du Comité ASTIN. Ce mandat
sera attribué lors d’une élection spéciale, tenue lors du
prochain Colloque ASTIN, cet octobre à Glasgow. Les
candidatures sont à envoyer au Président d’ASTIN, M.
Edward Levay. Les candidatures soutenues par une
association nationale d’actuaires feront l’objet d’une
attention particulière.
31
7. RESEARCH IN PROGRESS
RECHERCHES EN COURS
NORTH AMERICA
CASUALTY ACTUARIAL SOCIETY
1100 North Glebe Road, Suite 600
Arlington, VA 22201
Phone: (703) 276-3100
Fax: (703) 276-3108
Web Site: http://www.casact.org
E-mail: [email protected]
CALL PAPER PROGRAMS. Annually the Casualty
Actuarial Society conducts four to five call paper programs
on various topics. The papers accepted by these programs
are presented at a Society meeting or seminar and are
published in the Discussion Paper Program or Forum.
Current programs include:
1998 Discussion Program. Papers have been invited
on “Dynamic Analysis of Pricing Decisions.” Accepted
papers will be presented at the 1998 CAS Spring Meeting
in Marco Island, Florida during May 17-20, 1998. The
Michelbacher Prize of $1,000 will be awarded to the
author of the best paper.
1998 Committee on Reserves Call for Papers. The
topic for this call paper program is “Best Estimate for
Reserves.” Several authors will be invited to present
their work at the 1998 Casualty Loss Reserve Seminar
in Philadelphia, Pennsylvania during September 28-29,
1998. A prize of $1,000 will be awarded to the author
of the best paper.
1999 Ratemaking Call for Discussion Papers. Papers
on any ratemaking topics are welcome, but papers are
preferred which focus on the considerations listed in the
CAS Statement of Principles Regarding Property and
Casualty Insurance Ratemaking. These topics include
“Environmental Exposures in Personal Lines Policies,”
“Risk Securitization,” “Managed Care,” “Affordability/
Availability,” and “Revisiting the Basics.” A few authors
will be asked to present their papers at the 1999
Ratemaking Seminar in Nashville, Tennessee during
March 11-12, 1999. A $1,000 prize will be awarded to
the author of the best paper.
1998 Dynamic Financial Analysis Call for Papers. The
focus of this call is the specific Application of DFA
Models to insurance. Specifically, each paper should
32
focus on a real life problem to be solved using DFA.
The paper should highlight the question(s) being
addressed by the analysis and can be in the form of a
case study using real or hypothetical data. Authors may
be invited to present their papers at the 1998 CAS DFA
Seminar in Boston, Massachusetts during July 13-14,
1998. Prizes of up to $10,000 will be awarded to the
authors of the best papers.
REQUESTS FOR PROPOSALS. The Casualty Actuarial
Society conducts various funded research projects. Research
reports are published in the Forum. Active projects currently
include:
“Aggregate Loss Distributions: Convolutions and Time
Dependency,” sponsored by the Committee on Theory
of Risk. The CAS wishes to enhance the development
of tools and models that improve the accuracy of the
estimation of aggregate loss distributions for blocks of
insurance risks. Two awards have been made for separate
research tasks under this topic.
ACTUARIAL EDUCATION AND RESEARCH FUND.
The CAS jointly sponsors the research work of the AERF
with other North American actuarial organizations.
PROCEEDINGS PAPERS. The CAS annually publishes
refereed papers which are accepted by the Committee on
Review of Papers in the CAS Proceedings. These papers
may be on any property and casualty topic and accepted
papers are presented by the authors at the CAS Spring or
Annual Meetings. The 1996 Proceedings was published in
October 1997 and the 13 research papers in this issue are on
the CAS Web Site (http://www.casact.org).
SOCIETY OF ACTUARIES
RESEARCH HIGHLIGHTS
Listed below are highlights of recent Research Department
activity, reflecting the status of activity in February 1998.
Keep in touch with research
An updated “Resources from Research” brochure was
distributed to the membership with the January issue of The
Actuary. Additional copies are available from the SOA’s
Research Department. The brochure presents concise
information about SOA research activity end products and
how to obtain them.
Remember to check the SOA Web site for requests for
proposals, calls for papers, research reports, and other
research information. Comments about any SOA research
activity can be directed to the Society’s Research Department
at 1-847-706-3500.
33rd ARC at Georgia State
The annual Actuarial Research Conference (ARC) provides
an opportunity for academics and practitioners interested in
actuarial science to meet and discuss actuarial problems and
their solutions. The 33rd ARC will be held Thursday, August
6 through Saturday, August 8 at Georgia State University,
Atlanta, Georgia.
Presentations on all topics of interest to actuaries are
welcome. To accommodate scheduling, paper titles are due
by June 1; final abstracts are due by July 1. Presentations
will be published in the conference proceedings Actuarial
Research Clearing House 1999.1.
For additional information, contact Hal Pedersen, Georgia
State University Department of Risk Management and
Insurance, P.O. Box 4036, Atlanta, GA 30302-4036
(telephone: 1-404-651-0962; fax: 1-404-651-4219 or e-mail:
[email protected]). Information about the conference
is
also available on the world wide web
(http://rmictr.gsu.edu/arc/arc1.htm).
News from CKER
The Committee on Knowledge Extension Research (CKER)
is currently reviewing eleven applications submitted to the
1997 Grants Competition for funding consideration. Awards
will be announced in the June Research Corner.
Two papers resulting from CKER research grants appear in
the April issue of the North American Actuarial Journal
(NAAJ),”Is Social Security a Regressive System?” by Robert
L Brown and “An Actuarial Index of the Right-Tail Risk,”
by Shaun Wang. Vladimir Kalashnikov’s paper, “Bounding
and Asymptotic Behavior of Ruin Probabilities in Collective
Risk Theory,” has been accepted for publication in a future
issue.
The Financial Markets Approach To Valuation
Of Life Insurance Liabilities: Researcher Sam Cox
(George State University, Atlanta, Georgia, U.S.) has
submitted a first draft of his paper; it has been forwarded to
the Project Oversight Group (POG) for review.
Highland Park, Illinois, U.S.) regarding editorial suggestions.
The paper will then be forwarded to the CKER for final
approval.
Valuation of Credit Line Commitments Subject to Credit
Risk: Researcher Daniel Dufresne (University of Melbourne,
Melbourne, Australia) has completed the first third of his
project.
The Cost of Mismatch In Stochastic Interest Rate Models:
Researcher Michel Jacques (Laval University, Québec City,
Québec, Canada) has submitted the first draft report; it has
been sent to the POG for review.
Generalized Cox, Ingersoll & Ross Model: Statistics and
Valuation of Interest Rate Derivatives: Wojciech
Szatzschneider (Anáhuac University, Lomas Anáhuac,
Mexico) has submitted his first draft report; it will be
reviewed by the POG.
Statistical Methods for Monitoring Health Care Process
Measurements: Marjorie Rosenberg (University of
Wisconsin, Madison, WI, U.S.) is making progress. The
project is being jointly funded by the Committee on
Knowledge Extension Research and the SoA Health Section.
Pricing Practices for Joint Last Survivor Insurance:
Heekyung Youn (University of St. Thomas, Minneapolis,
MN, U.S.) has submitted an interim report which will be
reviewed by the POG.
Mathematical Models and Software For Financial
Organizations At Risky Markets: Alexander Vasin
(Moscow State University, Moscow, Russia) has signed a
letter of agreement. The project is scheduled to be completed
by September 30, 1998.
Tight Approximation of Basic Characteristics of Classical
and Non-Classical Surplus Processes: Vladimir
Kalashnikov (Moscow State University, Moscow, Russia)
has submitted the first draft report; it will be reviewed by
the POG. The project is expected to be completed by April
1, 1998.
Ed Lew Award: The Society of Actuaries Committee on
Knowledge Extension Research has received 11 applications
for the Edward A. Lew Award which is intended to be given
annually for the best paper in modeling research. The
deadline for submissions was December 31, 1997.
FINANCE NEWS
The 1996 Accidental Death Mortality Table: A
Comprehensive Analysis of Recent Accidental Death
Experience: The POG has reviewed the final draft of this
paper. The SOA Communications Department is working
with the researcher, Jay Jaffe (Actuarial Enterprises, Ltd.,
Monograph on Stochastic Calculus and Stochastic
Differential Equations: A letter of agreement has been
signed with X. Sheldon Lin, Associate Professor at the
University of Iowa. The monograph is intended to introduce
33
practising actuaries and students to the rapidly expanding
field of financial mathematics. The Investment Section is
co-funding this project.
Actuarial Aspects of Currency Risks - Call For Papers:
Two papers were accepted by the review panel, a prize winner
was selected. The papers are available from the SOA Books
Department and in the Research Library of the SOA Website
as working papers. Final publication will be in NAAJ.
Implications of Long-Term Interest Rate Guarantees in
Pensions and Insurance: The review panel decided to reissue the call to generate interest in the broader finance
community and to provide greater incentives to write papers.
Up to four prizes of $3,000 have been offered. A second
call for papers was distributed in July 1997. An insert
announcing the Call for Papers was included in the
September 1997 issue of The Actuary. A full page
advertisement appeared in the July/August issue of Financial
Analysts Journal. Advertisements were also placed in the
American Economic Review, The Journal of Finance, and
the Journal of Financial and Quantitative Analysis. The
deadline date for receipt of papers is March 31, 1998.
“Value at Risk” Measurement Application to Life
Insurance: The POG decided to expand the scope of the
research to investigate integrated approaches to risk
measurement in the financial services industry. A call for
papers was released. Invited and accepted papers were
presented at a conference on December 8 and 9, 1997 in
Atlanta, Georgia. Approximately 85 persons attended the
conference. Papers presented at the conference are available
through the Books Department of the SOA. Tapes are
available through Teach ‘Em by calling 1-800-225-3775.
Selected papers will be published in a special upcoming issue
of the NAAJ.
Study of the Use of Derivative Instruments by the
Insurance Industry: This project began with a proposal
from Georgia State University requesting funding. Two
research papers will be produced detailing the findings of
this study. The POG has approved the first paper, which
appeared in the first issue of the NAAJ in January 1997. A
standing room only session on this topic was held at the
SOA 1997 Annual Meeting in Orlando, Florida. The
researchers have completed work on their second paper
which was approved by the POG, CKER and the Committee
on Finance Research. The second paper has been submitted
to the Journal of Risk and Insurance for publication
consideration.
Boundaries of Risk - Follow Up: A call for papers on the
topic of “Expenses in Financial Analysis-Business and
Regulatory Implications” was released. Three papers were
34
received in response to the call. The review process has
been completed and feedback was provided to the authors
of all papers submitted. One paper was accepted and awarded
the prize. The paper is being revised to reflect comments
received from the review panel. The Committee on Finance
Research is working with the Financial Reporting and
Product Development Sections to publish the paper.
Actuarial and Financial Modeling Conference II:
Planning activity is underway. The conference will be held
on December 14 and 15, 1998 in Orlando, Florida. It is
anticipated that acceptable papers submitted for the Ed Lew
award in modeling research will be presented at the
conference, the prize winning paper will be highlighted.
Additional experts will be invited to write papers for the
conference. The POG also wants to feature presentation
and discussion of the Course 7 (Modeling Seminar) in the
new SOA Exam System.
1986-94 Private Placement Study: A conference call is
scheduled for March 3rd to discuss remaining data issues.
A meeting is being held in Washington D.C. on April 1st to
review composite data summaries and plan report production.
HEALTH BENEFIT SYSTEMS
Health Care Data Bases: Health actuaries looking for data
should visit the National Health Information Resource Center
(NHIRC) web site. The NHIRC is an on-line interactive
resource (http://www.nhirc.org) for information about current
health data/information projects and data bases. The National
Association of Health Data Organizations (NAHDO)
developed the NHIRC with funding from the Society of
Actuaries and the Robert Woods Johnson Foundation.
Managed Care Symposium: The Committee on Health
Benefit Systems Research is sponsoring a symposium
entitled, “Managed Care in a Time of Transition” on May 45 at the Marquette Hotel, Minneapolis, MN. The day-anda-half symposium will include presentations of the two
Health Plan Employer Data and Information Set (HEDIS)
studies and the Managed Care monograph.
Credibility for Health Coverages: The Credibility for
Health Coverages Task Force met in Washington, D.C. in
October 1997. Dennis Tolley and Jim Robinson presented
analyses of data submitted by Len Koloms and Brett Gant,
respectively. The task force agreed that the techniques
presented were both practical and powerful. Tom Herzog
volunteered to chair a subcommittee to develop a seminar to
present these techniques to practising health actuaries. The
seminar will focus on live examples, like the ones presented
at the meeting. Chuck Fuhrer, chair of the Subcommittee on
Estimating Parameters, presented a draft specification for
data collection. The subcommittee will refine this
specification and coordinate with the Large Claims
Experience Committee.
Large Claims Experience Study: A conference call was
held at the beginning of February to discuss the follow-up
to the initial study. The committee decided to form three
subcommittees to draft three different data request letters.
The three letters will target reinsurers and stop loss carriers,
traditional indemnity carriers, and managed care
organizations. A second conference call has been scheduled
for March 3 to review the development of the data
specifications and to discuss any issues that have arisen.
Individual Disability Follow Up Study: The committee met
on September 23 to discuss the future of this study. It was
decided that the study should be continued, but significant
changes are required to reflect current products and product
features. This work will begin after the 1986-91 report is
completed.
Continuing Care Retirement Communities: A conference
call was held on January 30 to review the work in progress.
Another conference call is being scheduled for the end of
March to further review the work in progress and to develop
plans for further analyses.
LIFE INSURANCE UPDATE
The Committee on Life Insurance Research is assessing
whether there is interest in holding a conference on nonmortality assumptions in social security. The Committee on
Social Security – Retirement and Disability Income will
discuss the feasibility of this project on February 26.
Actuarial Modeling: In phase one, the researchers analyzed
the impact of economic factors on the performance of life
insurers as a whole. Results of this analysis were presented
at the Western Risk and Insurance Association Meeting in
January 1998. In phase two, the researchers constructed a
database of annual statement fields using NAIC tapes for
the past twelve years with approximately 1,700 companies
per year. They used the database to examine the impact of
both firm specific and economic factors on the performance
on individual life insurance companies. Robert Hoyt made
a presentation of preliminary results in October 1997 at the
SOA Annual Meeting in Washington, DC. The final report
was submitted to the POG in November 1997.
Shape of Mortality Curve at the Higher Ages: This
research proposal was discussed at the February 20, 1997
COLIFER Meeting. Very little insured data is available at
ages over 90. General population and annuity data is
available. Medicare part B records are now available. The
UK has published data on lives tracked since 1832. A one-
and-one-half day symposium with invited papers from Social
Security, NCHS, Statistics Canada, the Institute of Actuaries
and the Scandinavian Actuarial Society should be held.
COLIFER was supportive of this proposal. Results will be
useful to close off mortality tables and for estate tax insurance
and second-to-die policies. It will be useful to reinsurers
who have traditionally had trouble pricing products for
persons with large estates.
Preferred Underwriting Task Force: A meeting is being
held on March 15 and 16 in Charleston, South Carolina to
review the first draft of the report written by the task force
members.
Mortality Guarantee in Variable Products Experience
Study: Follow up after sending out the preliminary
specifications in October. Currently, eleven companies have
agreed to submit data during the second quarter of 1998.
An official data request will be going out soon.
1985-90 Basic Tables: Work has been undertaken to
investigate extending the select period beyond 15 years.
Interim results were reviewed during a conference call on
February 2. Further review will occur during a conference
call in early March.
Individual Life 1990-91/1991-92/1992-93: Final data
collection and validation is occurring. 1990-91 and 199192 preliminary reports are expected early in the third quarter.
1992-93 preliminary reports are expected by the end of the
year.
Individual Life 1993-94/1994-95: Follow up has begun to
obtain the data through 1995 by the first quarter of 1998 and
most companies should be able to meet this time frame.
Blood Pressure Study: A conference call was held on
January 30 to discuss data availability and to give direction
to MIB for further company contact. Another conference
call is scheduled for February 27 to discuss what MIB has
found and plan for the March 30 MMLC meeting.
Preferred Underwriting Mortality Study: A conference
call was held on September 30 and the subcommittee and
pilot company representatives met at MIB on November 17
to discuss the data to be included in the study. MIB personnel
have distributed draft revised life specifications reflecting
these discussions. A meeting is being planned for late April/
early May to review this draft and finalize these
specifications.
RETIREMENT SYSTEMS NEWS
Safest Annuity Rule: The Committee on Retirement
Systems Research has approved the final report for “Safest
Annuity Rule” Study. The report is being submitted to TSA
35
Reports for publication. Advance copies of the report are
available through the SOA Books Department.
Pension Plan Turnover Rate Table Construction: The
Committee on Retirement Systems Research (CRSR) has
approved the final report for the Turnover and Retirement
Rates Study. The report is being submitted to TSA Reports
for publication. Advance photocopies are now available from
the SOA Books Department. A flier announcing the
availability of this report was inserted in the December issue
of The Actuary and the January issue of Pension Section
News.
Asset Valuation Methods: The POG decided to expand
the survey population to include pension actuaries
who are not members of the Pension Section. The survey
will be distributed to this expanded population in the near
future.
Comparative Effects of Turnover (Turnover and
Retirement Rates - Phase 3): The proposed final draft
of the report, “A Benefit Value Comparison of a Cash
Balance Plan With a Traditional Final Average Pay Defined
Benefit Plan” has been submitted by Larry Sher and
Steve Kopp. SOA staff have reformatted the report and
circulated it to the Non-Mortality Decrements Task Force
for approval.
Impact of Mortality Improvement on Social Security: The
United States, Canada and Mexico: Phase 1 of the project
concentrated on a study of past experience and an analysis
of current literature on mortality improvement in Canada,
Mexico, and the United States. Mountain View Research
and representatives from the Canadian and U.S. Social
Security administrations produced the Phase 1 papers. Phase
2, a seminar held on October 30, 1997, involved
demographers, economists, medical researchers and actuaries
in considering mortality forecasting methodologies, factors
affecting mortality change and mortality assumptions for each
of the three countries. The results of a survey of attendees
of the session served as a basis for a preliminary Phase 3, a
test of the impact of various mortality improvement
assumptions on the financial status of social security. The
results of the preliminary Phase 3 were presented during a
February 17 session at the American Association for the
Advancement of Science Meeting.
Group Annuity 1993-94: A final report should be ready
for distribution during the first quarter of 1998 and is
scheduled for publication in the 1997-98 Reports.
Group Annuity 1995-96: A meeting will be held in Chicago
on April 17 to discuss developments with respect to this
study and other issues relative to this committee.
36
SPECIAL ACTIVITY
Committee on Research Coordination: During a February
25 conference call, CoRC and its subcommittees started the
process of implementing Research Effectiveness Task Force
recommendations approved by the Board at the January 30
meeting.
Research Project Oversight Subcommittee: The
subcommittee held a conference call on December 12, 1997
to revise budget allocations to reflect the research project
budget that was approved by the Board at the October 19,
1997 meeting. The process of implementing Research
Effectiveness Task Force recommendations approved by the
Board at the January 30 meeting has started.
Experience Studies Oversight Subcommittee: The
subcommittee held a conference call on January 23 and has
another conference call planned for February 26. The
Guidelines for Experience Studies have been finalized and
distributed to the Experience Study Chairs for
implementation. ESOS is preparing to respond to the action
items addressed to them in the Research Effectiveness Task
Force Report.
Ph.D. Grants Program: An informational flier regarding
1998-99 grants has been distributed as an insert with the
December issue of The Actuary to all members of the Society
of Actuaries. The flier and an application have been
distributed to academic members of the SOA as well as
members of the Actuarial Faculty Forum and representatives
on the list of colleges and universities. Renewal application
materials have been distributed to eligible current grant
recipients.
Joint CAS/SOA Statement of General Principles of
Actuarial Science: The joint CAS/SOA Committees on
Actuarial Principles met on December 16, 1997. At the
meeting further modifications to the discussion draft were
made based on earlier comments received, actions taken at
the previous committee meeting and feedback from the
session at the SOA Annual Meeting. At the conclusion of
the meeting, the Committee decided to submit the resulting
draft for presentation at the International Congress of
Actuaries. The submission makes clear that this is a working
draft. Sam Gutterman will make the presentation at that
meeting. The joint Committees plan to meet again in early
1998 to make final changes to the draft. They will ask the
CAS and SOA Boards to approve distribution of the revised
document as a discussion draft.
SOA MONOGRAPH SERIES
Monographs based on SOA research projects available
through the SOA Books Department include:
• A Study of Public Employee Retirement Systems
• A Study of Public Financial Guarantee Programs
• A Comparative Analysis of Methods of Health Risk
Assessment
• Group Medical Insurance Large Claims Data Base
Collection and Analysis
• Data Analysis for the Safest Annuity Rule Project:
Implications for the Education of Actuarial Students
Matt Hassett and William Gundberg, Jr.
The monograph Valuation of Interest Sensitive Financial
Instruments is available through Frank Fabozzi Associates
(215/598-8926).
• Value-at-Risk for Risk Portfolios
Julia Lynn Wirch
ACTUARIAL RESEARCH CLEARING
HOUSE 1998.1
• Multiple Period Contracts Contingent on Previous
Contract Choices
Mary V. Kelly
• Economic Scenario Generator for Insurance and Pension
Rational Decision Making Under Uncertainty
Steve Craighead and Mark Tenney
• Stability of Representative Pricing Scenarios
Sarah L. M. Christiansen and Kelley Buchacker
Actuarial Research Clearinghouse 1998.1 (ARCH)
will contain the proceedings of the 32nd Actuarial
Research Conference held at the University of Calgary
in August 1997. Listed below are papers scheduled to
appear in the publication. The volume is expected
to be available from the Society of Actuaries office in spring
1998.
• An Unfinished Thesis from the 1950s
Robert W. Butcher, Cecil J. Nesbitt, and
Marjorie V. Butcher
• A Model for Analyzing the Impact of Selective
Lapsation on Mortality
Bruce L. Jones
• Integer Functions, UDDYA, and Annuity Coefficients
Elias S. W. Shiu and Serena Tiong
• A Flexible Model for Time-Dependent Data
Margie Rosenberg and Jenny Young
• A Karup-King Formula with Unequal Intervals
Geoffrey Crofts
• Designing Effective Graphs
Edward W. Frees and Robert B. Miller
• The Work of the SOA Research Effectiveness Task
Force and Your Input
Warren R. Luckner
• Understanding Relationships Using Copulas
Edward W. (Jed) Frees and Emiliano A. Valdez
• Estimators of the Regression Parameters of the Zeta
Distribution
Louis Doray
• Technologies Used in Modeling
Arnold F. Shapiro, Thomas A. DeFilppo, Katharine J.
Phinney, Jing Zhang
• Stepwise Recursions for a Class of Compound
Lagrangian Distributions
Hoque Sharif and H.H. Panjer
• Social Security: Regressive or Progressive?
Robert L. Brown
• A Solution of Defective Renewal Equations with
Applications to Ruin Theory
X. Sheldon Lin and Gordon E. Willmot
• Challenge of an Aging Society
Anna M. Rappaport
• Recent Trends in Mortality Rates by Race
Esther Portnoy
• Equilibrium in Competitive Insurance Markets Under
Adverse Selection and Yaari’s Dual Theory of Risk
Virginia R. Young and Mark J. Browne
• The Ownership of the Pension Plan Surplus
Using Cooperative Game Theory
Claire Bilodeau
• New Salary Functions for Pension Valuations
Jacques Carriere and Kevin Shand
• A Retirement Plan Based on Fixed Accumulation
and Variable Accrual
Zaki Khorasanee and Ho Kuen Ng
• Bounding and Asymptotic Behavior of Ruin Probabilities
in Collective Risk Theory: Final Report III
Vladimir Kalashnikov
• A Geometric Approach to Exact Solutions in Finance
and Actuarial Science
B. J. Manistre
• The Dynamic Financial Analysis of Property-Liability
Insurance Companies
Richard W. Gorvett
• The Mollification Analysis of Stochastic Volatility
Lijia Guo
• Catastrophe Risk Bonds
Samuel H. Cox and Hal W. Pedersen
• Four Approaches to the Political Economy of Regulation
Philip Booth
37
8. INTERNATIONAL SUMMER SCHOOL
ÉCOLE D’ÉTÉ INTERNATIONALE
14th International Summer School
Swiss Association of Actuaries
Lausanne, July 21-25, 1997
Ulrich Orbanz
The title of this year’s International Summer School of the
Swiss Association of Actuaries was “Asset/Liability
Management: From Immunization to the Theory of Option
Pricing.” The lecturers were Prof. Hans U. Gerber from the
University of Lausanne, who was also the organiser of the
Summer School, Prof. Elias S.W. Shiu from the University
of Iowa and Professors Sam Cox and Hal Pedersen, both
from Georgia State University. The interest in the subject
was reflected by the record number of 76 participants from
19 countries.
In the first lecture Prof. Shiu introduced Redington’s wellknown Immunisation approach. He then continued by
explaining cash-flow matching algorithms for a buy-andhold investment strategy.
Further lectures then concentrated on partial problems within
Asset/Liability Management motivated mainly by experience
in the U.S. market. In valuing the liabilities, the options
embedded in an insurance contract must be taken into
account. Prof. Gerber gave a lecture on option pricing theory,
in which he used a price process with Poisson distribution
instead of the traditional Wiener process. A similar topic
was the pricing of investment guarantees for the policyholder
which was dealt with by Prof. Pedersen. Another lecture by
Prof. Shiu gave the foundations for discrete time stochastic
interest rate models, complemented later by Prof. Pedersen’s
lecture on continuous time models for interest rates.
Sam Cox gave two lectures on catastrophe risk bonds,
explaining the use, the structuring and the pricing of this
instrument. In his closing lecture Prof. Gerber explained
utility theory and some of its applications.
Most of the lectures included exercises that were solved in
class with the assistance of the lecturers. The organisers
had prepared a wealth of reading material that was handed
out. This included a preprint of some chapters of the book
“Financial Economics” written by a group of ten authors
including all lecturers. Everything else was extremely well
organised too, including accommodation, food,
transportation and a walk along the lakeside leading to a
joint dinner in Pully.
38
After a week of intense study and demanding lectures, the
participants went back with gratitude to the Swiss Actuarial
Association, a certificate and the feeling that a lot more time
needs to be spent on this subject.
9. REPORTS FROM NATIONAL ASSOCIATIONS
RAPPORTS D’ASSOCIATIONS NATIONALES D’ACTUAIRES
AUSTRIA
Aktuarvereinigung Österreichs (AVÖ)
In October 1997, the Aktuarvereinigung Österreichs (AVÖ)
published a guidance note concerning the
“Unverfallbarkeitsbetrag” (vested benefits) gemäß § 7 Abs.
2 Betriebspensionsgesetz BGBI. 282/1990 in der Fassung
BGBI 754/1996.
The connections to the actuarial societies of the eastern
bordering countries of Austria become closer. Many
activities of the Aktuarvereinigung Österreichs (AVÖ) are
attended by members of those societies. On 14 January 1998,
the Aktuarvereinigung Österreichs (AVÖ) could enjoy two
interesting lectures held by Univ. Prof. Dr. Petr Mandl from
the Karls-Universität in Prag.
At the end of 1997, the Aktuarvereinigung Österreichs (AVÖ)
had 325 members, 158 of them were appointed as full
members meeting the requirements of the Groupe Consultatif
des Associations d’Actuaires des Pays des Communautés
Européennes.
BRAZIL
The Brazilian Institute of Actuaries
1. Major Officers and Address
President
Vice-President
Newton Cezar Conde
Severino Garcia Ramos
Rua da Assembléia. 10 s/1304
20119-900 Centro
Rio de Janeiro - RJ
Brasil
Telephone No.: 55 021 5312867
Fax No.: 55 021 5312865
2. Membership in February, 1998
454
55
2
3
ordinary members,
corporate members,
benefactor members,
correspondent members.
3. Lectures and Workshops
Some lectures were presented during the last semester.
They were:
• October 24
A lecture about ‘Perspectives of Insurance in Brazil’
José Raimundo Penha
São Paulo - SP
• November 12
A lecture about ‘Finance Management for Institutional
Investors’
Edison Duarte Jardim
Rio de Janeiro – RJ
• December 11
A lecture about ‘Health Plan Evaluation’
Daniela Rezende Furtado de Mendonça
Rio de Janeiro – RJ
In this semester, we have already had the following lectures
and workshops:
• February 11
A lecture about ‘The Use of Derivatives in the Financial
Market’
Theodoro Arthur da Costa Messa
Rio de Janeiro – RJ
• February 9 and 10
A workshop about ‘Pension Funds – A Business
Overview’
Marilia Vieira Machado da Cunha Castro
Luiz Eduardo Guimarães Rodrigues
Rio de Janeiro – RJ
4. Congress
From August 26 to 28 – the III Brazilian Congress of Actuary
and the II Pan-American Congress of Actuaries will be held
in Rio de Janeiro. Any colleagues interested in further
information can contact the Brazilian Institute of Actuaries.
CATALUNYA
The Col.legi d’Actuaria de Catalunya
The Col.legi was constituted in April 1993 under Spanish
and Catalan law and today is a member of the International
Actuarial Association, the International Forum of Actuarial
Associations and a member of the Groupe Consultatif, where
we have an active participation in their various committees.
The contact details are:
Col.legi d’Actuaris de Catalunya
Via Laietana, 32, desp 98
08003 Barcelona
tel/fax: 319 08 18
email: [email protected]
39
Membership at January 1st, 1998
Full Members
Observer members
Donating members
Corporate members
“The Actuary in the Health System” – Javier de la Rosa
338
143
33
7
The observer members are actually students in their final
university year and those who have recently graduated. They
receive information about courses and workshops and they
are included in the Job Hunt data base. They are not required
to pay membership fees.
The secretariat is made up of:
Fernando Durango
Rosa Maria Felipe
Monica Clua
“Social Security’s Pension System. The New Law in light of
the Toledo Agreement” – in conjunction with the University
of Barcelona.
“Stock Market Analysis from an Actuarial Point of View” –
Jaume Puig Rivera
“Mortality Table Workshop” – UCEAC
“New Trends in Savings” – Menendez Pelayo University
“Mortality Tables for the Active Population. Recent results”
Manager
Secretary
International Secretary
The board members meet every month. The Col.legi
celebrates 4 yearly elections to decide their government
board. These were held on 15th January, 1998 with the
following results:
President
Vice President
Treasurer
Secretary
Professional Development
Education and Research
Institutional PR
“Practical Internet”- Pass Communications.
Felix Arias
Luis Lana
Jordi Coll
Ferran Gonzalvo
Josep Luis Ferre
Albert Rocamora
Antonia Maria Sanchez
“Regulated Development in the Single Market” – Pilar
Gonzalez de Frutos, the Spanish Insurance Supervisor.
The Col.legi has been promoting the Masters course in
Insurance Business Administration held at the Pompeu Fabra
University.
Activities for 1998
The courses that have been scheduled for this year are still
to have a date set and in some cases the final title of the
presentation or workshop is yet to be decided.
“The New Accounting Plan of Insurance Companies” –
Deloitte & Touche and Catalana Occidente.
Activities in 1997
“Practical Internet” – Pass Communications
The Col.legi and the Instituto de Actuarios Españoles had
the privilege of hosting the Groupe Consultatif’s 1997
Colloquium in September titled “Interest Risk in Insurance
and Pension – An Actuarial Approach” in Barcelona. There
were almost 200 actuaries representing 16 countries gathered
to hear a wide range of speakers address issues which
included Stochastic models of interest rates with particular
reference to the introduction of the Euro (D. Wilkie) , core
issues related to the DGXV’s Green Paper Supplementary
Pensions in the Single Market (S. Arnot), the problems faced
by Spanish insurers with the reduction of the actuarial interest
rate from 6% to 4% (G. Martinez), and practical ways in
dealing with interest in insurance and pensions
(H.Horsmeier).
Seminar on Reinsurance
The closing dinner was held at the beautiful 12th century
Stock Exchange Hall where prizes where presented to the
two actuaries, Iñaki de la Pena and Andrew Cairns for their
papers on the theme of the Colloquium, a prize organised by
the Col.legi.
During the last 18 months the Col.legi has organised and
collaborated in a series of talks and courses:
40
Seminar on Life insurance invested in Funds
Seminar on the Health System
Seminar on Marketing in Insurance
Seminar on Disability and Pre-Retirement
The Code of Professionalism
This year emphasis will be placed on continued education
for newly graduated students.
One of the areas that the Col.legi is working diligently in is
the consolidation of the rightful role of the actuary in Spanish
society so that the profession’s role is recognised in those
matters which, till now, the actuary has been overlooked.
Angie Felipe, who is one of the professors at the University
of Barcelona and is the Col.legi’s representative on the
Education Committee for the Groupe Consultatif, has been
working on a mortality research project, constructing a table
from population statistics where she has found an interesting
curve for lives born in the early 20’s and 30’s in Spain
Publications and Website
The Col.legi publishes “The Actuarial Journal” every two
years with an issue due to be published this year containing
papers by national actuaries.
We are at the final stages of constructing a web page and it is
foreseen that it will be completed by the middle of May
(actuaris-cat.com). Free Internet server connection is
available to all members through the Col.legi.
CZECH REPUBLIC
Czech Society of Actuaries
Information about the activities of the Czech Society of
Actuaries July 1 – December 31, 1997
The Society meeting in October had on its program the lecture
v
by Dr. Vladimír Prikryl (Ministry of Finance) on the
Transformation of the statutory motor third party liability
insurance into the mandatory insurance. The nearest feasible
term for the change of the legal status of this insurance to a
form adequate to the market economy is January 1, 1999. In
the second part of the meeting the members were informed
about the proposed reform of the I.A.A. into an association
of actuarial societies. It has been emphasized that the Czech
Society of Actuaries participated since its origins in 1919 in
the work of the Committee for Organization of International
Congresses of Actuaries. The intention to aim for full
membership of the Society in the I.A.A. has received
unanimous support.
The plenary assembly in December, besides dealing with
the regular society business, was devoted to the legislation
in preparation regarding responsible insurance
mathematicians. P. Mandl presented a comparison of the
proposed competencies and obligations of responsible
actuaries to those valid in Germany. Ing. Miroslav Sykora
(Ministry of Finance) lead the debate on the proposal. The
Society Committee will summarize the views of the members
and present them to the officials of the Ministry preparing
the Amendment to the Law on Insurance.
At the Charles University in Prague the enrolment for lectures
on financial and insurance mathematics has reached 40-60
students. Society members from insurance companies and
from the Ministry of Finance have agreed to supervise 13
Masters’ Degree Theses on themes proposed by them. It is
expected that this useful form of direct engagement of the
actuarial profession in the university education will continue
in the future. The Seminar on Actuarial Sciences, of which
the Society is a joint organizer, had 11 sessions in the winter
term.
The Society Statutes were translated into English for the
I.F.A.A. to be passed to newly created associations. On the
invitation of the I.A.A. Promotion Fund, P. Mandl
participated at the Seminar on the proposals for a Core
syllabus in actuarial training in Europe.
DENMARK
Den danske Aktuarforening
(The Danish Society of Actuaries)
At the end of 1997 the Society had 254 members. The
number of IAA members amounts to 165, of which 94 are
members of ASTIN and 67 members of AFIR.
After the annual meeting on January 14, 1998, the board has
the following members:
Lars Halling
Henrik Ramlau-Hansen
Christian Sagild
Finn Heerwagen
Jens Perch Nielsen
Mette Rytgaard
president
vice-president
treasurer
secretary
Auditors are Orla Dam and Ebbe Vagn Christensen.
During 1997 the Society has held the following meetings:
January 8:
General Assembly
February 12:
Troels Gunnergaard: “The use of financial
instruments in insurance companies.”
February 26:
Member debate on accounting methods and
on appointed actuaries in non-life insurance.
March 19:
Allan Deis: “Disability and mortality rates
for sub-standard lives.”
April 9:
Torben Thomsen: “Financial reinsurance.”
October 1:
Member debate on the content of the annual
actuarial report.
October 7:
Mikael Randel: “Macro-economic
longterm tendencies – trends in world
economy.”
November 12: Leif Edvinsson: “Intellectual capital.”
December 10: Thomas Møller: “Pricing unit-linked
insurance business.”
The number of participants at the ordinary meetings varied
from 29 to 66.
In 1997 the Society arranged 2 courses for the members:
May 5:
“Elements in the insurance law”
December 16: “Financial theory”
41
The Society has in five cases taken part in hearings on
proposed insurance legislation and has taken part in several
committees under The Danish Financial Supervisory
Authorities.
The board of the foundation granted the following awards
during the year under review:
FINLAND
The Actuarial Society of Finland
Arto Kallinen; for final revision of a publication on
mathematics of investment activities
Annual Report 1997
The society held eight ordinary meetings in 1997 with the
following presentations:
24 February
Esko Kivisaari: Pension expenditure
standards in international bookkeeping and
the Finnish pension insurance
Teivo Pentikäinen; for the preparation work of the Thesaurus
Dictionary
Luis Alvarez; for his research on financial mathematics
Katja Ainassaari; for development of her study on the
investment model of a pension insurance company
Esko Prokkola; author of a textbook on insurance
mathematics
Eero Pätäri, for preparing a dissertation on financial
mathematics
17 March
Riitta Aitio: On comparing reservation
methods relating to treaties and claims in
reinsurance
21 April
Jaako Tuomikoski: On the new solvency
provisions of the Employees’ Pensions Act
companies
26 May
Tarmo Pukkila and Hannu Parviainen:
Group Consultatif’s core syllabus and how
it affects the qualified actuaries examination
in Finland
Arvo Junnila
15 September
Bryan W. Miesel: Can you trust an A.M.
Best rating?
13 October
Jari Käppi: On the calculation techniques
of the Employees Pensions Act reference
interest rate
17 November
Katja Ainassaari: On the control model of
the Pension Insurance Company’s
investments
15 December
Vitaly D. Arhangelsky: Development of the
Russian Insurance Market
There were 90 full members (qualified actuaries) and 172
ordinary members at the end of the year 1997. Mr. Asko
Tanskanen was appointed honorary member during the year.
The honorary member Viljo Keinänen passed away during
1997. The society had five honorary members at the end of
the year.
Ph.D
Teivo Pentikäinen
Professor
Håkan Simberg
M.A.
Christopher Daykin
CB, MA, FIA
Asko Tanskanen
M.A.
Contrary to earlier years the costs in respect of the
Scandinavian Actuarial Journal as well as the costs arising
from the Groupe’s Education Committee were paid by the
Foundation of the Promotion of the Actuarial Profession.
The board of the Society held nine meetings during 1997
and consisted of the following members (end of mandate in
brackets).
Markku Paakkanen
President
(1998)
Further to the above meetings, a seminar on adopting the
euro was arranged on October 27, together with the
Accounting Management Society.
Jorma Leinonen
Vice-President
(2000)
Hannu Parviainen
Secretary
(1998)
As in earlier years, the Foundation for the Promotion of the
Actuarial Profession arranged a seminar, this time on
meteorological phenomena. The seminar provided a forum
for discussion for more than 60 participants. The opening
speakers were:
Hillevi Mannonen
(1999)
Martti Pesonen
(1999)
Jaakko Tuomikoski
(2000)
Mr. Jouni Räisänen: Weather Changes caused by man
Mr. Kari Lehtola: Weather as a casual factor of catastrophes
Dr. Ivo Knoepfel: Catastrophe Modelling and the
Assessment of Climate Factors
42
Auditors were Jari Sokka (deputy Ari Ikonen) and Pertti
Pulkkinen (deputy Pasi Mustonen).
The Society is a member of the International Actuarial
Association, Matti Ruohonen and Markku Paakkanen being
on the Council. The Society also belongs to the International
Forum of Actuarial Associations.
Moreover, the Society has been represented in the Groupe
Consultatif of the EU actuarial societies and its
subcommittees. In the Pensions Committee the so-called
Green paper was handled, which suggests that the additional
pension benefits would accompany the employee from one
country to another.
The Finnish editor of ‘Scandinavian Actuarial Journal’ has
been Martti Pesonen. Jukka Rantala is a member in the
ASTIN Committee and the editorial committee of ASTIN
Bulletin.
The annual meeting of the Society on 23 February 1998
elected Jaakko Tuomikoski as the President of the Society.
Markku Paakkanen retired from the board and the meeting
elected Dr. Jukka Rantala as the new member of the board.
The Actuarial Society of Finland can be reached via its
secretary:
Mr. Hannu Parviainen
Tapiola Insurance Group
FIN–02010 TAPIOLA
FINLAND
(1) “The Frontiers of a Code Technique -What is open
key code? – ” by Dr. Kaoru Kurosawa, Assistant
Professor of Tokyo Institute of Technology, on
February 26th.
(2) “Management Risk is a source of competitive ability”
by Mr. Tomohiko Adachi, Assistant Professor of
Musashi University, on March 27th.
(3) “Life Insurance Trends and Management in Thailand”
by Miss Thatsanee Dharmpipit, Senior Executive and
Actuaries of THE OCEAN INSURANCE CO., LTD.
on August 11th.
(4) “Business Cycle” by Mr. Masashi Kato, Professor of
Tokyo Keizai University, on October 28th.
Furthermore, One day Seminar co-sponsored by SOA
and IAJ on the subject of ‘Asset Adequacy/Capital
Adequacy Analysis’ was held on November 17th.
3.
Actuarial Seminar of East Asia
Twenty-five participants from Asian countries attended
the 27th Actuarial Seminar of East Asia, held in Tokyo
and Osaka from July 24th to August 22nd. The Seminar
was at the intermediate level. The Seminar consisted
of three sessions: the first session provided lectures on
some specified subjects of actuarial science, the second
session provided seminars and the third session provided
special lectures on various topics. The participants also
attended the above regular meeting (3).
tel + 358 9 453 2680
fax + 358 9 453 2146
e-mail [email protected]
JAPAN
The Institute of Actuaries of Japan
A. ACTIVITIES OF THE I.A.J. IN 1997
1.
Annual Meeting
The Annual Meeting was held in Tokyo on November
12th and 13th with about 950 participants. The special
lecture, ‘The Japanese Version of the Financial “Big
Bang” by Mr. Tomomitsu Oba, president of Japan Center
for International Finance, 3 reports on international
meetings, and 2 proposals by I.A.J. about the pension
system were presented on the first day. 14 study results
by I.A.J. members on various topics were presented and
a panel discussion on the pension system was held on
the second day. The Annual Research Meeting on
Computer Systems for Insurance Companies was held
in Osaka on October 22nd and 23rd. We had nearly
450 participants at the meeting.
2.
Regular Meetings
Four regular meetings were held in 1997. The following
lectures were delivered at the respective meetings:
4.
Summer Seminar
Forty-three young actuaries participated in the 15th
Summer Seminar which was held from September 4th
through 6th at the lakeside of Hamana Lake (Shizuoka
Prefecture) to discuss current topics. The seminar was
composed of:
(1) Guest Speech
“Current Problems and prospect for Holding
Company” by Mr. Hideo Fujiwara, senior executive
research fellow of LTCB Research Institute, Inc.
(2) Sessions
“The Forthcoming Management Strategies of
Financial Institutes” was took up as a theme of this
seminar and discussed by the actuaries, under the
guidance of Mr. Ryota Okamoto, Auditor of Nissay
General Insurance Company, Limited, Dr. Sc.,
F.I.A.J.
43
B. MEMBERSHIP OF THE I.A.J.
INDIA
The Actuarial Society of India
The number of members as of December 31st, 1997:
Senior members
9
Fellows
808
Associates
842
Students
1,766
Sub-total
3,425
Supporting members
125
C. TOPIC
1. The I.A.J. will celebrate its centennial anniversary in
1999. As our anniversary events, ASTIN Colloquium,
AFIR Colloquium, IFAA Meetings and Centenary
Convention will be held in Tokyo during the following
period.
2.
3.
ASTIN Colloquium
August 22-25,1999
AFIR Colloquium
August 24-27,1999
IFAA Meetings
August 28-29,1999
Centenary Convention
August 29-31,1999
About the Preparation for the Centennial Convention
of I.A.J. To prepare for the Centennial Convention,
I.A.J. has formed the “Centennial Preparation
Committee”. I.A.J. has also formed the “Vision
Committee” (chairman: Mr. Junzo Tanaka) to plan for
the future of I.A.J. and set up the theme of Centennial
Convention as “Pave the way to the 21st Century”
(unauthorized translation). Furthermore, I.A.J. has
formed the “Scientific Committee” to coordinate the
ASTIN and AFIR Colloquiums, which are scheduled
during the same period. In 1997, the I.A.J.
distributed a small brochure describing the outline of
its Centennial Convention through Conference in
Australia, IAA Bulletin etc.
Theme of the Centennial Convention (Centennial
Preparation Committee)
(1) Theme “Pave the way to the 21st Century”
(unauthorized translation)
Centennial Preparation Committee set up the above
theme, aiming to define the role of I.A.J. and also that
of its members, and to propose the action plan and the
institutional changes.
(2) Vision Committee
Vision Committee has been formed to plan for the future
of I.A.J. along the theme of the Centennial Convention.
44
Report on the Actuarial Society of India
Consequent upon Mr. N.M. Govardhan taking up a foreign
assignment, he relinquished the post of President and Mr.
K.P. Narasimhan Vice-President was elected as President of
the Actuarial Society of India with effect from 3rd January,
1998. Mr. P.C. Gupta, a committee member was elected as
Vice-President in the post vacated by Mr. K.P. Narasimhan.
During the year 1997-98, 12 Student members qualified as
Associates and two Associate members qualified as Fellows.
In August 97, one of our members Mr. Arpan Thanawalla
was sent as our delegate to Australia to attend the ASTIN/
AFIR colloquia and Centenary celebration of the Institute
of Actuaries of Australia. He carried with him a present
from Actuarial Society of India to the Institute of Actuaries
of Australia.
In November 1997, the Sixth All India Conference of
Actuaries was held for two days and seven papers of actuarial
interest were presented for discussion by the members.
One week tuition classes were conducted for the fellowship
subjects ‘Pension’ and ‘Life Office’ from 9 February to 13
February, 1998 and from 16 February to 20 February 1998
respectively. Institute of Actuaries, London deputed Mr. Jim
Tindale and Mr. Graham Luffrum Staff Actuaries to conduct
these tuition classes. The travel and stay of the tutors was
financed by Prudential Corporation pic.
On 14th February 1998 a full day CPD seminar was arranged
covering the topics Pension and Life Insurance. Mr. Jim
Tindale and Mr. Graham Luffrum made interesting
presentations in the seminar.
THE NETHERLANDS
The Dutch Institute of Actuaries
(Het Actuarieel Genootschap)
•
During the last six months of 1997 the Institute held
only one general meeting of members:
16 October:
During this meeting the Guidance Notes for Non-Life
Insurance were discussed. In previous meetings these
Guidance Notes had been discussed more extensively and
in this meeting the members were asked to give their approval
to the guidelines. Due to a number of new items that had
been raised for discussion, it was decided that the approval
of the Guidance Notes should be deferred to a future meeting.
The various sections also had an opportunity to report on
their activities and plans for the coming year. The meeting
closed with a presentation of a module from the new course
offered by the Actuarial Institute, namely, “Oral
Communication Skills.”
generally and the way in which ratings work in practice.
After this topic, Mr. J. Spreeuw discussed a number of papers
presented to the IME conference, which had been held in
Amsterdam the previous summer.
•
On 10 December, the second meeting was held. Mr. H.
Waszink was the first speaker at this meeting. He presented
an extremely interesting stochastic model for determining
the Incurred-But-Not-Reported reserve. After his
presentation, various people spoke on a number of papers
presented during the ASTIN colloquium in Australia
(10-13 August 1997).
Reports of the various sections
ASLI (Life Section):
On 13 November, an ASLI working group organised a theme
meeting on the topic of “Solidarity.” The first speaker was
C. Smith of Swiss Re who gave a presentation on Huntington
disease entitled Huntington’s Chorea: A Mathematical
Model for Life Insurance. After this presentation, the
working group presented its findings on the topic of
Solidarity. The working group also presented its monograph,
published by the Dutch Institute of Actuaries, Solidarity
Insured: Insight into Solidarity in Relation to Life Insurance,
in which it has set out its findings on this subject. One of
the topics dealt with by the working group in its monograph
is when and how medical information plays a role in
solidarity. In addition, they discussed the difference between
solidarity in the case of group insurance and solidarity in
relation to personal insurance.
General information about this section or questions about
the monograph, published by the Dutch Institute of Actuaries,
can be obtained from the secretary:
Mrs. W.J.C. Speksnijder-Deelen
Centraal Beheer
P.O. Box 700
7300 HC APELDOORN
The Netherlands
ASIP (Pensions Section)
No ASIP meetings were held during this period. A meeting
was held in relation to Permanent Education (see Permanent
Education).
General information about this section can be obtained from
the secretary:
Mr. N. Mol
Towers Perrin
P.O. Box 84220
3009 CE ROTTERDAM
The Netherlands
ASTIN (Non-Life Section)
Two meetings of the ASTIN active members group were
held during this period, as well as a meeting in relation to
Permanent Education (see Permanent Education).
The first meeting of the ASTIN active members on 8 October
dealt with the issue of Rating as applied by insurance
companies. The speaker discussed the topic of rating
General information about this section can be obtained from
the secretary:
Mr. H.J. Prins
Fortis Nederland
P.O. Box 2072
3500 HB UTRECHT
The Netherlands
AFIR (Finance Section)
No AFIR theme meetings were held during this period. A
meeting was held in relation to Permanent Education (see
Permanent Education).
General information about this section can be obtained from
the secretary:
Mr. F.R. Valkenburg
Actuarieel Bureau J.A.W Hammer
P.O. Box 1364
3000 BJ ROTTERDAM
The Netherlands
KAA (Kring van Actuarieel Analisten, Circle of Actuarial
Analysts)
This new section organised its first theme meeting on 18
September on the topic of Product Innovation. Amongst
other topics, during this meeting various factors were
discussed which are of importance in modernising financial
services products. Extensive answers were given during the
meeting to such questions as why product innovation is
necessary, when product innovation is necessary and the role
of the actuary in product innovation.
General information about this section can be obtained from
the secretary:
Mr. J. Speulman
Stichting Sociaal Fonds Bouwnijverheid
N. V. Schadeverzekeringsmaatschappij sfb
P.O. Box 57440
1040 BH AMSTERDAM
The Netherlands
45
• Permanent education
In co-operation with the various sections, three meetings were
held in the second half of 1997 in relation to Permanent
Education:
•
a discussion of the report by an intern based on a study
carried out with the aid of a much simplified tax model
into the effect of a change in the deductibility of pension
premiums.
22 October: Long-life risk and population aging, in cooperation with the ASIP section. The first topic discussed
during this meeting was the technical approach to long-life
risk in relation to the technique of ‘looking ahead.’ The
question of how an insurer or pension fund should deal with
long-life risk and population aging was also discussed.
•
a report on the PCNA meeting on corporate governance
in the world of insurance and pensions.
•
a report on the permanent education meeting on the
subject of international supervision.
26 November: Generalised Linear Modelling, in cooperation with the ASTIN section.
In co-operation with ASTIN and the group linked to the NonLife Actuarial Science chair of the University of Amsterdam,
the introduction to and awareness of the relevant aspects of
Generalised Linear Modelling (GLM) techniques were
discussed, as well as the application of this by the actuarial
profession.
•
an interview with Mr. van Boxtel on the Medical
Examinations Act, which has been applicable to
personal life insurance, pension insurance and disability
insurance since 1 January 1998. In brief, the Act
stipulates that medical examinations may not invade the
privacy of the insurance applicant.
•
a summary of a seminar on risk management organised
for risk managers and actuaries.
•
an evaluation of the experience of a season of permanent
education.
17 December: ALM for pension funds, in co-operation
with the AFIR section.
Central to this meeting was the question of what tools an
actuary has at his disposal for valuing investments and
liabilities and what the relationship is between these two.
September 1997, which included the following articles:
November 1997, which included the following articles:
• Platform discussion
On 30 September a seminar was organised by the Platform
Committee NIVRA - Institute of Actuaries with financial
reinsurance as its main topic. Financial reinsurance was
discussed, as this is applied in the life insurance sector and
in non-life insurance. The way accountants and actuaries,
with their specific backgrounds, view this subject was also
discussed.
•
an article on the course “Professional Attitude and
Professional Code” which is part of the actuarial
sciences study programme.
•
a summary of the theme meeting on Product Innovation;
what does it entail?
•
an article on the situation with regard to Embedded
Value in the general sense.
• Other activities
Together with the working group on Social Insurance and
Finance, the Institute of Actuaries organised a seminar on
20 November on the topic 65 or 65+: the feasibility of state
old-age pension provision in the context of population aging.
•
a report on the seminar organised by PCNA on financial
reinsurance.
•
an article in which the Value-at-Risk method - a method
which is important both for actuaries and investment
specialists - is discussed.
• The Actuary
During the second half of 1997, three issues of the bulletin
of the Institute of Actuaries were published.
July 1997, which included the following articles:
•
46
an article on finding the proper balance, which the
government should aim to achieve, between the
operation of market forces, on the one hand, and
regulation, on the other.
If you are interested in one or more of the above articles,
kindly contact the national editor.
NEW ZEALAND
The New Zealand Society of Actuaries
At the Annual General Meeting of the New Zealand Society
of Actuaries held in November 1997 the following officials
were elected or appointed:
President:
Vice President:
Secretary:
Treasurer:
Committee Members:
Ed Robinson
David Benison
Anne Lord
Dean Apps
John Smeed
Jill Spooner
The Secretariat is managed by Fran Jenkins.
The key issues facing the actuarial profession in New Zealand
this year are the regulatory controls in life insurance. The
New Zealand Society of Accountants is bringing in new life
insurance standard based on the Australian marginal services
method of evaluation. This will be adopted both by the
accounting and actuarial profession in New Zealand. The
Government is also re-considering an appointed actuarystyled regime.
Last year the referendum on a proposed compulsory
superannuation scheme was soundly defeated. However, a
political solution to the ageing population issue is still
required. It is likely that considerable effort and lobbying
will be undertaken this year in an attempt to resolve the
political impasse and put in place some form of long-term
solution.
These topics and others will be discussed at the bi-annual
conference of the New Zealand Society of Actuaries which
is to be held from the 21 to 23 October 1998 at Waitangi in
the Bay of Islands north of Auckland.
All actuaries and their partners are warmly invited to attend
this conference.
NORTH AMERICA
The Society of Actuaries
•Anna M. Rappaport
President, Society of Actuaries
(October 1997 – October 1998)
Mailing address:
William M. Mercer Inc.
10 S. Wacker Drive, Suite 1500
Chicago, IL 60606
Telephone:
1-312-902-7518
Facsimile:
1-312-902-7626
E-mail: [email protected]
•Howard J. Bolnick
President-Elect, Society of Actuaries
Mailing address:
Radix Health Connection LLC
414 North Orleans Street, Suite 210
Chicago, IL 60610
Telephone:
1-312-396-1010
Facsimile:
1-312-396-1040
E-mail: [email protected]
1. North American Actuarial Journal
The Society of Actuaries is looking for authors to submit
papers and articles on a wide-range of topics. The NAAJ
publishes papers from new and developing areas of actuarial
practice, including:
-
Research on emerging public policy debates
Technology improvements
Demographic trends
Globalization issues
Multi-disciplinary topics providing useful insight to
practising actuaries
The submission process is simple: submit two (2) copies of
your paper along with a one-page abstract which outlines
the scope and objectives of your paper, including author and
paper information and the names (and how to contact them)
of up to three potential reviewers for the refereeing process.
For a copy of the “Submission Guidelines for Authors,”
please contact Cheryl Enderlein, Communications
Coordinator, at 1-847-706-3563, or via e-mail
([email protected]).
Subscription Information
The North American Actuarial Journal is published quarterly
at the following rates: 1 year (4 issues) for $95.00, 2 years
(8 issues) for $165, and 3 years (12 issues) for $250.00 (prices
in U.S. dollars). Send your name, company name, full
mailing address, and either a check or credit card information
(MasterCard and Visa are accepted; include card number,
expiration date, telephone number, and signature) to the
Books and Publications Department at the following address:
Society of Actuaries
Books and Publications Department
475 North Martingale Road, Suite 800
Schaumburg, IL 60173-2226
Remittance must accompany orders. For Canadian orders,
please add 7% GST tax. For overseas orders, please add
20% postage charge. U.S. funds drawn on U.S. currency on
U.S. banks are preferred. If you have questions, please
contact the Books and Publications Department by phone
(1-847-706-2526), fax (1-847-706-3599), or e-mail
([email protected]).
2. Future Society of Actuaries Meetings
• The Annuity Conference
April 2-3
Orlando, Florida
47
• Actuarial Appraisals in a Sizzling
Mergers and Acquisitions Heatwave
April 30 – May 1
Chicago, Illinois
• Corporate and Chief Actuaries Open Forum
May 4-5
Philadelphia, Pennsylvania
• Managed Care in a Time of Transition
May 4-5
Minneapolis, Minnesota
• Advanced Equity Index
May 28-29
Tampa, Florida
• Actuarial Modeling II
December 14-15
Orlando, Florida
• Product Development Boot Camp
December 14-15
Orlando, Florida
For details on the above seminars and those under
development, watch for future SOA mailings or call the
Continuing Education Department at 1-847-706-3545 or
1-847-706-3540. The following additional seminar topics
are in the planning stages for 1998-99. All dates/locations
are tentative.
Investment Spring Training
Market Driven Product Development
Credibility Seminar
Risks in Investment Accumulation
Products
• Strategic Planning for Insurance Companies
June 19
Maui, Hawaii
• Capitation and Health Data Sources Forum
August 27-28
Rosemont, Illinois
3. Membership Statistics
• Term Wars
September 23
Orlando, Florida
Organization
• Basic GAP
September 23
Orlando, Florida
• Valuation Actuary Symposium
September 24-25
Orlando, Florida
Total Memberships by Geographic Distribution
29,159
Key:
• Advanced GAP
October 15-16
New York, New York
• Emerging Markets for the New Senior Citizen
November 16-17
Charleston, South Carolina
• Retirement Needs Framework
December 10-11
Orlando, Florida
48
U.S.
SOA................ 11,921
AAA............... 12,617
CAS................ 2,625
CIA.................
254
CCA...............
990
ASPA..............
752
• SOA Annual Meeting
October 18-21
New York, New York
• Critical Issues in Underwriting
December 7-8
Sarasota, Florida
(June)
(Fall)
(October)
(January ’99New York)
4.
Canada
Foreign
Total
3,074
242
178
1,788
16
3
1,416
262
98
112
9
5
16,411
13,121
2,901
2,154
1,015
760
5,301
1,902 36,362
SOA = Society of Actuaries
AAA = American Academy of
Actuaries
CAS = Casualty Actuarial Society
CIA = Canadian Institute of
Actuaries
CCA = Conference of Consulting
Actuaries
ASPA = American Society of
Pension Actuaries (Actuarial
Members)
The Actuarial Foundation: A New Name and
a New Partner
The Society of Actuaries Foundation changed its name
to The Actuarial Foundation effective January 1, 1998.
This name change emphasizes the activity of the
Foundation on behalf of the profession.
The Actuarial Foundation’s mission is to facilitate and
broaden the actuarial profession’s contribution to the
health of society. To meet this mission, The Foundation
explores innovative ways to apply actuarial skills in the
public interest. The Foundation forges partnerships with
universities, governmental bodies, insurance and
financial services industries to create innovative
research, education and communications initiatives.
The Actuarial Foundation and AERF will dissociate
themselves and continue their separate operations.
The Actuarial Foundation and the AERF agree to unify
and align their efforts at using actuarial capabilities to
the benefit of society.
5.
A symposium, “The Actuarial Profession’s
Relationships with Academia,” was held on February
4, 1998 in Chicago, Illinois. This symposium examined
the development of the actuarial professions’s scientific
capital and its ability to compete in a constantly changing
business environment. It was jointly sponsored by the
Canadian Institute of Actuaries, the Casualty Actuarial
Society, and the Society of Actuaries. It was convened
by James C. Hickman, FSA, ACAS, Emeritus Professor
and Dean, University of Wisconsin, W. James
MacGinnitie, FCAS, FSA, CFO & Senior Vice
President of CNA Insurance Companies, and Howard
Bolnick, FSA, SOA President-Elect. Dr. Burton J.
Bledstein, Associate Professor at the University of
Illinois, Chicago was the keynote speaker. He is author
to The Culture of Professionalism: The Middle Class
and the Development of Higher Education in America.
Similarly, another actuarial organization, the Actuarial
Education Research Fund (AERF) has as its mission to
advance the knowledge of actuarial science and respond
to the needs of the public for education and research in
actuarial science by coordinating and/or conducting
research and studies, by conducting educational
programs, by stimulating the production and
dissemination of educational material and by
undertaking such other activities as may seem desirable
to achieve the stated goals.
In its role of assisting both industries and the public,
the actuarial profession requires support for a number
of different education activities, including work with
academic researchers, grants and prize competitions,
actuarial research projects of a variety of sizes and public
service and public education projects.
In his keynote address, Professor Burton Bledstein,
Ph.D. discussed how other American professions have
used formal ties with academic institutions to enhance
their public visibility and acceptance. Participants heard
from representatives of each sponsoring organization
about their programs and relationships with academia,
and, from representatives of Waterloo, Georgia State
and Lebanon Valley about their schools’ ties to the
profession and industry. In the afternoon, breakout
sessions were held to explore the need for actuaries to
improve ties with academia and to create specific ideas
that participants think should be considered by the SOA,
CAS and CIA Boards.
The Actuarial Foundation and AERF understand that
fund raising and project management require competent,
committed, professional resources to be most successful.
Both organizations believe that a unified development
approach is desirable and effective in supporting
actuarial research and education.
In view of their similar missions and appreciating the
opportunity to join together for increased efficiency and
effectiveness in achieving their missions, the Trustees
of the Actuarial Foundation and the Board of Directors
of AERF have entered into an affiliation agreement.
Under this agreement, AERF and The Actuarial
Foundation retain their separate identities, governance,
and finances for a trial period of up to five years. AERF
and The Actuarial Foundation will unify their
fundraising efforts, grants programs, streamline certain
duplicative administration functions, and strive to align
their educational efforts and charitable purposes.
At any time during the trial period, on one year’s prior
written notice, AERF, through its governing board of
directors, and based upon its experience in the affiliation,
may elect to legally merge with The Actuarial
Foundation to form one charitable organization. Should
AERF not elect to merge by the end of the trial period,
Symposium
6.
Recent Publications
Actuarial Mathematics, Second Edition
Since the publication of the first edition of Actuarial
Mathematics in 1986, actuarial science has absorbed
additional ideas from economics and the mathematical
sciences. Although it would be impossible to capture
the full effect of all these changes in the revision of a
basic textbook, this second edition is a step in an ongoing
process of adaptation designed to keep the fundamentals
of actuarial science current with changing realities. At
the same time, this second edition continues the
49
philosophy of the first edition in its presentation of what
has come to be identified as the modern mathematical
foundation of actuarial science.
Among the book’s key features is the probability approach,
and the discussions build on the development of the
mathematics of probability and the entry of risk into decision
theory. Another key feature is the integration of life
contingency concepts with risk theory. The textbook is used
in SOA Courses 150 and 151 and is on the recommended
reading list for Seminar 152.
“We’re in a technological revolution, and we have to keep
moving ahead with new ideas. Time marches on,” said James
C. Hickman, one of the book’s five original authors and one
of the three who revised the text.
Among the notable differences in the revised text are a new
chapter on stochastic models of interest rates and the
omission of commutation functions, no longer a staple of
actuarial calculations. In the new text, readers are instead
asked to use current software to complete exercises that
illustrate actuarial calculations. To this end, this second
edition takes advantage of the general availability of
powerful personal computers. The resulting freedom means
that there is no longer a single preferred method for
computing results from actuarial models and also that more
complex models are feasible. As a consequence, suggestions
for computing are in Actuarial Mathematics and it is
recognized that it is no longer necessary to be constrained
to traditional computing methods.
Also, said Hickman, “The whole approach to regulation is
entirely different in the second edition. Specific insurance
regulations and practices in Canada and the U.S. are
relegated to examples and exercises. The basic issues that
motivate regulation and practice survive.” He added, “We’re
going international – this text has an audience in Mexico,
Asia, and perhaps elsewhere. There are new ideas, new
commercial practices. One of them is the pension area: the
decline of defined-benefit plans and the rise of defined
contribution plans. But we didn’t change it; the world did.
But we must acknowledge these types of changes in our
work.”
In general, “we attempted to eliminate some of the products
people have lost interest in and include current products,”
said Newton L. Bowers, another of the revised text’s authors.
“Retirement income policies, also known as income
endowment policies, have been virtually unknown for 15
years. Those and others may have historic interest, but that
isn’t the focus of Actuarial Mathematics.” New products
include accelerated benefits for terminal illness and longterm care.
50
Donald A. Jones, another of the revised text’s
authors, observed, “A lot of teaching is done by
professors doing research because you can’t get
cutting-edge developments into print very quickly.
We know that the publication process keeps us from
being as current as everyone would like, but we
believe the new edition of Actuarial Mathematics
will be useful for teachers and students. It offers
much of the latest thinking in actuarial science.”
A textbook at the foundation of a profession also
must be readable. This one is. It contains a wealth
of charts, graphs, tables, examples, and exercises
clarifying the theory. Actuarial Mathematics is well
suited to self-study and the immediate application
of its tools.
The cost is $75.00 (U.S. dollars) and the book
can be ordered through Beverly Haynes in the
SOA Books Department (phone: 1-847-706-3526;
fax: 1-847-706-3599; e-mail: [email protected]).
Group Medical Insurance Large Claims Database
Collection and Analysis
The purpose of this research project, which was jointly
funded by the Health Section and the Society of
Actuaries, was “To assemble and analyze a limited
database which may serve as a model for expanded
intercompany studies of health care benefits in the
future.” The focus of the project was on the types and
incidence of large claims, defined as claims totaling
$25,000 or more for any one year.
SOA Monograph M-HB97-1
($35.00-U.S. Dollars)
Securitization of Insurance Risk: The 1995 Bowles
Symposium
During the late 1980s and early 1990s, we have seen
insurance and financial markets interact more closely
than ever before. New tools for managing insurance
risk emerge frequently, usually with roots in financial
markets. A strong motivating factor has been the record
number of natural catastrophes and their impact on
insured losses. The potential for earthquake and storm
losses in the U.S. exceeds insurance market capacity.
Reinsurers, banks, security exchanges, and others are
developing products, sometimes involving the creation
of new organizations or joint ventures, to profitably meet
this demand. The 1995 Bowles Symposium provided a
forum for exploring some of these products and
discussing new possibilities.
The Chicago Board of Trade futures on catastrophic loss
indices provided an early example of these products, perhaps
the first exchange-traded insurance derivative securities.
Over-the-counter products such as bonds with coupons or
principal payments tied to an insurance portfolio loss ratio
are examples of privately placed insurance securities. There
is more information available on the publicly traded
examples, and naturally, the majority of the symposium
papers treat these products. The symposium was organized
in three sessions, as follows:
• Interplay between Capital Markets and Insurance
• Insurance Futures
• Actuarial Bridge between Insurance and Finance.
The symposium was above all intended to promote an
understanding of the basic ideas of securitization and to
discuss the fundamentals of new emerging products. The
interaction between innovations in the financial markets and
the needs of the insurance sector has been an excellent topic
for bringing financial specialists and actuaries closer together
so that they can learn from each other.
SOA Monograph M-F197-1
($35.00-U.S. Dollars)
NORTH AMERICA
Casualty Actuarial Society
1100 North Glebe Road
Suite 600
Arlington, VA 22201
Phone: (703) 276-3100
Fax: (703) 276-3108
Web Site: http://www.casact.org
E-mail: [email protected]
1.
FUTURE MEETINGS AND SEMINARS OF
THE CASUALTY ACTUARIAL SOCIETY
•Society Meetings
1998 Spring Meeting
May 17, 18, 19, 20
Marco Island Resort
and Golf Club
Marco Island, Florida
1999 Spring Meeting
May 16, 17, 18, 19
Disney’s Contemporary
Resort
Orlando, Florida
2000 Spring Meeting
May 7, 8, 9, 10
The Mirage
Las Vegas, Nevada
1998 Annual Meeting
November 8, 9, 10, 11
Sheraton Centre Toronto
Hotel and Towers
Toronto, Ontario
1999 Annual Meeting
November 14, 15, 16, 17
San Francisco Marriott
San Francisco, Florida
2000 Annual Meeting
November 12, 13, 14, 15
J.W. Marriott
Washington, D.C.
2001 Spring Meeting
May 6, 7, 8, 9
Fontainbleau Hilton
Miami, Florida
2002 Spring Meeting
May 19, 20, 21, 22
Hotel del Coronado
Coronado, California
2001 Annual Meeting
November 11, 12, 13, 14
Marriott Marquis
Atlanta, Georgia
2002 Annual Meeting
November 10, 11, 12, 13
Marriott Copley Place
Boston, Massachusetts
•Casualty Loss Reserve Seminar
Jointly sponsored with the American Academy of Actuaries
1998
September 28, 29
Philadelphia Marriott
Philadelphia, Pennsylvania
1999
September 20, 21
Marriott’s Camelback Inn
Scottsdale, Arizona
2000
September 11, 12
Hilton and Towers
Minneapolis, Minnesota
•Seminar on Ratemaking
1998
March 12, 13
Chicago Hilton & Towers
Chicago, Illinois
1999
March 11, 12
Opryland Hotel
Nashville, Tennessee
2000
March 9,10
Hotel del Coronado
San Diego, California
•Seminar on Reinsurance
1998
June 8, 9
Hyatt Regency
Greenwich, Connecticut
51
•Seminar on Emerging Technologies
1998
April 23, 24
Fountainbleau Hilton
Miami Beach, Florida
A group consisting of Frode Fossum,
Gunnar Kvan og Peder J. Pedersen had
delivered a proposal.
March 13
•Seminar on Dynamic Financial Analysis
1998
July 13, 14
Marriott Copley Place
Boston, Massachusetts
•Seminar on Catastrophe Issues
1998
October 22, 23
Hotel Inter-Continental
New Orleans, Louisiana
2.
Speaker was Nina Gulbrandsen, Actuary of
Norske Liv Insurance.
April 24
President
President-Elect
Immediate Past President
VP-Administration
VP-Admissions
VP-Continuing Education
VP-Programs and Communications
VP-Research and Development
“Administration reserves in life insurance.”
Speaker was Richard Blom from the
Swedish Actuarial Society.
September 18 “IBNR reserves in life insurance.”
Speakers were Odd Arne Svendsen and Kari
Halvorsen Holter, both actuaries of
Gjensidige.
October 23
1997-98 OFFICERS
Mavis A. Walters
Steven G. Lehmann
Robert A. Anker
Curtis Gary Dean
Kevin B. Thompson
Susan T. Szkoda
Patrick J. Grannan
Robert S. Miccolis
“David Wilkie’s stochastical investment
model – Of current interest for Norwegian
Unit Linked products?”
“The Actuarial Society’s future organisation
and purpose.”
Speakers were Erling Falk, Chief Actuary
of NOR Insurance and Pål Lillevold,
Consulting Actuary.
November 27 “Investment of the Norwegian Oil Fund.”
Speaker was Knut Nordheim Kjær,
Economist and leader of the special
investment group in Norway’s State Bank.
The average number of participants in the meetings was 41.
In 1997 the board of the Society had the following members:
3.
MEMBERSHIP STATISTICS (AS OF
NOVEMBER 1, 1997)
Associates
Fellows
1246
1654
Total
2900
President:
Erling Falk, Chief Actuary of NOR
Insurance.
Vice President: Pål Lillevold, Consulting actuary.
Secretary:
Kari Halvorsen Holter, Actuary of
Gjensidige.
NORWAY
Den Norske Aktuarforening
(The Norwegian Society of Actuaries)
Treasurer:
Sissel Rødevand, Chief Actuary Life
Insurance. The Association of
Norwegian Insurance Companies.
In 1997 the Norwegian Society of Actuaries arranged six
ordinary meetings, and one special meeting.
Member:
Roar Engen, Chief Actuary of KLP
Insurance.
January 23
Auditor has been Arvid Hoel, Actuary of Storebrand Life
Insurance.
February 19
52
(Also annual meeting): “The Actuarial
Society’s international connections.”
Speaker was Georg Harbitz jr., Director of
the Association of Norwegian Insurance
Companies.
Special meeting for discussion of the
hearing of opinion on new tax rules for
individual pension savings.
The Committee for post graduate studies has arranged a
seminar for three days on financial risks. The seminar
attracted so many actuaries that it was later repeated. All
together 78 actuaries participated.
The University of Bergen has the right to qualify actuaries.
The University in Oslo has until now been the only place for
actuarial education. The Board of the Society has written to
the Headmaster of Oslo University and pointed out the
unsatisfying consequences if the professorship is not filled.
The Society’s scholarship was given to Nina Gulbrandsen
for studying investment and finance in Great Britain.
The Actuarial Society has in 1997 given two hearings
of opinion to government proposals. This concerned
new tax rules for individual pension savings and the
proposed changes in the law on restrictions of investments
in equities.
The Society also set up a committee to study the eventual
use and cost of Internet for the society (Pål Lillevold, Roar
Engen, Andre Hönsvall og Johan Despriee).
The members newsletter “AKTUariELT” came out with six
editions in 1997. All information about meetings are only
published in the newsletter. New editor is Morten Harbitz,
Actuary of Norske Liv Pensjonskasser A/S.
The yearly meeting between the presidents of the four Nordic
actuarial societies and the editors of Scandinavian Actuarial
Journal took place in Helsinki.
Professor Knut K. Aase from the Norwegian Business
School, continues as Norwegian editor of SAJ while the
editor in chief is Arne Sandstrøm from the Swedish Society
of Actuaries. A new plan for financing the journal (the
Norwegian part) will be worked out.
The Norwegian ASTIN-group (NAG) has arranged three
meetings and one seminar with the following topics:
• Frequencey of casualties and the Kalman filter,
Jon Gjørven, Risk Valuator, Storebrand
• Optimal reassurance and investment strategy for an
insurance company, Astrid Lunde, Vital Insurance
• A special two day seminar was on “Setting prices in
general insurance. Use of general linear models in
SAS.”
Council members from the Norwegian Actuarial Society to
IAA have been: Georg Harbitz, Tor Eivind Høyland and
Erling Falk.
At the yearly meeting of IAA’s Council in September 1997
in Brussels the Norwegian Council members were present.
Twelve members participated in the ASTIN-colloquium in
Cairns. Walther Neuhaus is member of the Editorial Board
for ASTIN Bulletin.
Eighteen members participated in the AFIR-conference in
Cairns.
The Norwegian delegate to IFAA, Georg Harbitz, participated
in the IFAA meetings in Zeist (The Netherlands) and Gold
Coast (Australia). The Norwegian Society has now the
following subcommittee members:
• Education, Walther Neuhaus
• IASC matters, Pål Lillevold
• Public Statement, Georg Harbitz
The Norwegian Actuarial Society has since January 1st, 1994,
observer status in Groupe Consultatif. Delegate to the
Groupe is the national correspondent to IAA, Georg Harbitz,
and he participated in the Groupe’s annual meeting in Dublin
and the meeting in Freedoms and General Purposes
committee in Oxford.
Ten new members are admitted to the Society, and 6 members
have passed away. Two members have resigned their
membership. At the end of the year there were 215 members
of the Society (1 honorary member).
• Ruin problems with interest on surplus,
David Dickson, University of Melbourne
Membership statistics (as of 31.12.97)
Age <67
Age >67
Total
Donateur A
Members
190
30
220
-
Also IAA members
132
6
138
1
ASTIN members
56
-
56
1
AFIR members
60
-
60
1
67=retirement age in the National Insurance Scheme
53
PORTUGAL
Instituto dos Actuários Portugueses
1. Workshops
There was a workshop about the use of Excel in actuarial
science presented by Luís Melo Breyner.
2. Formation of Non-Life Actuaries
Program Actuary 1997
The Program Actuary 1997 had two disciplines in the second
semester:
•
A Priori Tarification, with Richard Verral;
•
and Reinsurance, with Paul Kneuer
The course finished with these two disciplines and the
remaining examinations will be held in the first semester of
1998.
Program Actuary 1998
A new edition of the program of 1995-1997 has started in
October 1997. The first discipline was Statistics and
Probability and the teacher was Maria do Carmo Marques.
There are 15 students in these courses.
SOUTH AFRICA
The Actuarial Society of South Africa
Postal address:
P.O. Box 4464,
Cape Town 8000,
Republic of South Africa
Fax:
+27 21 509 0160
Internet: http://assa.org.za
1. New office-bearers
At the Annual General Meeting, which was held at the Eskom
Conference centre near Johannesburg on 23 October 1997,
Reg Munro succeeded Steve Handler as President. Blignault
Gouws is the new President-elect. Adrian Baskir is the new
Honorary Secretary, while Joubert Ferreira continues as
Honorary Treasurer.
An amendment to the Constitution, agreed to at the abovementioned AGM, formalised the office of Immediate Past
President. Steve Handler, having been re-elected to the
Council, thus became the first person to fill this post officially.
Malcolm Murray (Past President: Faculty of Actuaries) and
Paul Grace (President: Faculty of Actuaries). Furthermore,
one of the papers, dealing with the dynamics of the German
life insurance market, was presented by the Executive
Director of the Hannover Re Group, Dr Wolf Becke. Local
papers which elicited lively responses were those dealing
with a new profit-reporting basis for life insurers, investment
risk and asset modelling, and retirement fund conversions.
An interesting and dynamic panel discussion on the impact
of South African health care reforms concluded the
Convention.
The Continuous Statistical Investigations Committee
formally released the SA 85-90 mortality tables at the
Convention. The tables, as well as the papers, may be found
on the ASSA website, at the above address.
3. Sessional meetings
Apart from regular sessional meetings, a number of “Ask
the Experts” sessions have been arranged. These will cover
investment matters, developments in South East Asia and
pension law issues. Seminars of life assurance and short
term insurance matters have been scheduled.
The major item on the programme for 1998 is the Jubilee
Convention, when the Actuarial Society of South Africa
celebrates its fiftieth anniversary. Those who wish to attend
the Convention are invited to contact the Jubilee Convention
Secretariat at the ASSA fax number for more details.
4. Other activities
Parliament will consider various pieces of legislation in the
course of this year and Council will take care to ensure that
the interests of the profession are protected. In particular,
close attention will be paid to the Long Term and Short Term
Insurance Bills, both of which are standing over from 1997.
Other Bills which ASSA may wish to respond to are those
dealing with financial control measures and retirement issues.
Council is preparing to respond to a recently published draft
White Paper (i.e. government policy document) on the Motor
Vehicle Accidents Fund.
The ASSA Retirement Matters Committee is working on a
Professional Guidance Note dealing with the asset structure
of retirement funds.
2. Annual Convention, 1997
The relationship between actuaries and auditors in the long
term insurance industry is still receiving attention. A paper
dealing with this matter is being prepared for the 1998
Convention.
A total of 231 people attended the ASSA Convention, which
was held on 22 and 23 October. Particularly welcome guests
were Chris Daykin (Immediate Past Chairman: IFAA),
The question of proper disclosure to the various sectors of
the South African public will be discussed further with the
regulating authorities, i.e. the Financial Services Board
54
(“FSB”). This emanates from a recent invitation by the FSB
to participate in the drafting and/or improving of policyholder
protection rules.
Treasurer
Members
South Africa’s first Pensions Adjudicator, who has to deal
with complaints by members of registered pension funds,
was appointed recently and ASSA is looking forward to
establishing a sound working relationship with him.
SWEDEN
Swedish Society of Actuaries
On December 31, 1997, the Society had a total of 235
members. Of these, 37 were associates and 65 AD (Actuaire
Diplômé). Of the 235 members 92 are members of IAA, 53
are members of ASTIN and 41 of AFIR.
2.
3.
April 2
National Social Insurance Board and the
new pension-system (Arne Paulsson)
May 13
Risk theory in practice – an historical
survey (Teivo Pentikäinen)
September 23 Report from a seminar on mortality (Nils
Wikstad and Bo Rennermalm)
October 29
Aviation insurance and statistics (Erik
Svantesson and Elsa Rydman, Skandia)
November 27 Public employees’ pension in change
(Hans Gidhagen, SAF, and Eva Gustafson)
The mailing address of the society is
Swedish Society of Actuaries
c/o Swedish Insurance Federation
P.O. Box 1436
SE – 111 84 Stockholm
Sweden
SWITZERLAND
Swiss Association of Actuaries
1.
Board
Honorary President
President
Vice-President
H. Bühlmann
H. Lüthy
P. Diethelm
Summer School / École d’été 1997
The 14th International Summer School was held from
21 st to 25 th July 1997 in Lausanne, Switzerland.
Attending were 69 students, actuaries and
mathematicians, representing 19 different countries.
The lectures on the topic “Asset/Liability Management:
Immunization to the Theory of Option Pricing” were
given by Professors Elias S.W. Shiu (Scientific
Director), Sam Cox, Hal Pedersen and H.U. Gerber. A
detailed review of the Summer School has been
published in Bulletin 1997/s.
In 1997, the Society had 6 meetings:
Actuary on the London-market (Torbjörn
Magnusson, Skandia)
Membership
At the end of November 1997, the SAA had 853
ordinary members and 33 corporate members.
In 1998, the Board of the Society has the following members:
Mr. Harry Wide (President), Ms. Marie-Louise Wenander
(Vice President), Mr. Roland Svensk (Secretary), Ms. Eva
Gustafson and Ms. Ingrid Wrebo.
February 19
R. Zufferey
M. Chuard
P. Embrechts
H.U. Gerber
Ms. M.-T. Kohler
K. Matt
R. Ruchti
A. Schneiter
P. Streit
D. Thomann
4.
Work Groups
The three work groups dealt with the following topics
in 1997 (German titles have been translated and marked
with a (G)):
Pension Insurance
(headed by Mr. D. Mazouer, Geneva)
•Mr. B. Berset
“L’expérience des caisses maladie dans le cadre de la
nouvelle loi”
•Mr. G. Becher
“International experience in medical coverage”
ASTIN
(headed by Mr. A. Dubey, University of Lausanne,
Lausanne)
ASTIN Group (Prof. A. Dubey) together with Pension
Insurance Group (Mr. D. Mazouer) organized by a
common meeting on June 5 in Lausanne, Topics: “Profit
Testing” and “An Börsenindizes gebundene
Lebensversicherung”
ASTIN Group Switzerland together with ASTIN Group
Germany organized a common meeting on October 23
in Winterthur. Topics: Various actuarial matters.
55
Furthermore, the ASTIN Group dealt with the following
topics:
•Mr. L. Schenker
“Maîtrise des coûts de la santé”
the meeting. In addition to business sections, active reports
and the presentation of 23 certificates of new fellows
(FAIRC), it was our pleasure to have some special guests
from abroad attend the Convention and give the paper
presentations for us. They were:
•Professor H. Schmid
“Prämienberechnung für
Krankenpflegeversicherung”
die
obligatorische
EDP
(headed by Mr. O. Haugerm Basle)
•Ms. Diane Chung
Council Member
The Institute of Actuarial
Society of Hong Kong
•Mr. Satoru Yonetani
Vice President
The Institute of Actuaries
of Japan
•Dr. L. Pirktl
“Data Warehouse and its use in health insurance” (G)
•Dr. B. Seifert
“Statistical Methods in Medicine” (G)
5.
1997 Annual Meeting, September 6, Zurich
•Mr. Masatoshi Karneda Director
The Institute of Actuaries
of Japan
•Mr. Yuan Chang
Three lectures were given:
6.
•Mr. A. Schneiter
“Entwicklungstendenzen der beruflichen Vorsorge in
der Schweiz”
In the meantime, we had a Panel Discussion, two keynote
speeches and ten papers presented by domestic delegates
during the Convention.
•Dr. M. Chuard
“L’Association suisse des actuaires dans le contexte
international”
2.
A series of courses were offered to the members of the
Institute:
(1)
Ms. H. Hutter and Professor E.S.W. Shiu were appointed
corresponding members
Courses on “Statement of Financial Accounting
Standard Number 18-Accounting for Pension:”
(2)
A course entitled “Life Insurance Cooperation
Financial Management;”
(3)
A course entitled “Stock Market Analysis & Investment
Portfolio;”
(4)
Courses on “Theory of Interest, Actuarial Mathematics,
Foundations of Casualty Actuarial Science and Pension
Mathematics for Actuaries.”
Announcement of Future Meetings
Contrary to the usual Summer School, a Congress will
take place entitled “Second International Congress on
Insurance: Mathematics & Economics” Lausanne,
July 20-22
13 March 1998, Mirella Jolliet, Secretary to Dr. H. Tobler
TAIWAN, REPUBLIC OF CHINA
The Actuarial Institute of the Republic of China
A. ANNUAL CONVENTION
Annual Convention
A highly successful convention was held in Taipei, Taiwan
on October 7-8, 1997. Over six hundred members attended
56
Study Programs
•Professor Elias S.W. Shiu
“Asset and Liability Management”
1998 Annual Meeting of the Swiss Association of
Actuaries: Montreux, September 4-5
1.
Vice President
Society of Actuaries
10. REPORTS FROM OTHER ASSOCIATIONS
RAPPORTS D’AUTRES ASSOCIATIONS
GROUPE CONSULTATIF DES ASSOCIATIONS
D’ACTUAIRES DES PAYS DES
COMMUNAUTÉS EUROPÉENNES
were then discussed, with illustrations of each model
shown by track record and forecast, and the use of
forecasts in industry.
The seminar gave participants a better understanding
of the approach adopted in other countries, with some
of the differences highlighting the difficulties of
operating a successful single market.
Napier House
4 Worcester Street
Oxford OX1 2AW, UK
Secretary:
1.
2.
3.
4.
John Henty
Telephone: (44 1865) 794144
Telefax:
(44 1865) 205010
E-mail:
[email protected]
5.
The 20th Annual Meeting of the Groupe Consultatif took
place in Dublin in October 1997. The officers elected
for 1997/98 were:
Chairman
Henri Laurent (France)
Vice-chairmen
Holger Dock (Denmark)
Manuel Peraita (Spain)
At the annual meeting, the Union Strasbourgeoise des
Actuaires and the Col.legi de Actuaris de Catalunya were
admitted as full members of the Groupe. There are now
20 actuarial associations represented on the Groupe as
full members with Observer member associations in
Iceland, Norway and Switzerland.
The Groupe has updated its Agreement on the Mutual
Recognition of Qualifications. Under this Agreement
each member association must provide for the admission
as a full member of any actuary who is a national of a
Member State of the EU and who is actively pursuing
the profession in the Member State to which he is
applying for Membership. The benefits of the
Agreement have been extended to the actuarial
associations in the observer countries, Iceland, Norway
and Switzerland.
In July 1997, the Groupe’s Insurance Committee
organized a seminar on mortality in Edinburgh which
was designed to compare and discuss the different
approaches to monitoring future trends in mortality in
the EU countries, the various models used and the
methods and bases used for such forecasts. Speakers
outlined the sources of their data, the approach and the
formula they used to forecast the future mortality,
particularly for pensioners and annuitants. The results
The Groupe organized a seminar in Zandvoort,
Netherlands in July 1997 to consider the replies it had
received from Member Associations on its proposed
core syllabus for actuarial training in Europe. There
was much support for the core syllabus, although a
number of concerns were expressed at the level of detail,
some believing it was too great, others insufficient. It
was agreed to do further work on the framework and
objectives so as not to be too prescriptive. The main
topic headings in each subject area will be identified,
indicating the degree of flexibility under each, with some
topics being a fundamental core activity, others part of
a menu from which a selection could be made.
The draft core syllabus is being revised to reflect the
discussion at the seminar. It is proposed to identify
relevant literature in each subject and possibly prepare
a definition of the terminology in each subject area.
The Groupe is co-operating in its work with the
Education Subcommittee of the International Forum of
Actuarial Associations which is developing guidelines
for an internationally recognized actuarial qualification.
6.
In September, the Groupe’s 10th Colloquium was
organized in Barcelona by the Instituto de Actuarios
Españoles and the Col.legi d’Actuaris de Catalunya. The
theme was “Interest Risk in Insurance and Pensions –
an Actuarial Approach.” The Barcelona Colloquium
Prize for the best paper by a young actuary on the
Colloquium theme was shared by J. Inaki de la Peña
(Spain) and Andrew Cairns (UK).
The Groupe’s 11th Colloquium will be held in
Luxembourg on 23 October 1998. The subject will be
“Actuaries and the Trend towards Privatization of
Compulsory State Pension Schemes.”
7.
During the year, the Groupe met representatives of the
EU Pensions and Supervisory Authorities in Brussels
for the latest in their series of annual meetings. The
57
pensions meeting considered actuarial assumptions for
funding and solvency purposes, and pension fund
investments, while the insurance meeting discussed
actuarial issues arising out of the introduction of the
single currency, and actuarial issues of legislation on
anti-discrimination, including genetic testing. Both
meetings concluded with a reception, giving opportunity
for further informal discussion.
8.
9.
The Groupe continued its twice yearly informal meetings
with representatives of Directorate General XV of the
European Commission (Internal Market and Financial
Services) to discuss wide-ranging issues of mutual
concern.
In December 1997, the Groupe responded to the
European Commission’s Green Paper on Supplementary
Pensions in the Single Market. The response was in
two parts firstly offering general remarks on some of
the issues associated with the provision of
supplementary pensions in the single market and
secondly answering a number of specific questions
asked in the Green Paper.
In its general remarks, the Groupe considered six issues:
•
problems that are having to be faced as the result of
demographic changes that are taking place in all Member
States and the effect that these changes will have on the
financing of the State pension schemes in the first pillar.
The Groupe observes that one approach might be to
introduce an element of funding into existing pay-asyou-go schemes and to increase the level of funding in
those schemes that are already partially funded. It goes
on to point out the extreme diversity of pension
arrangements in the second pillar, where most of the
schemes are funded, but there are some significant
schemes financed on a pay-as-you-go basis.
•
how the involvement of life insurance undertakings in
the provision of second pillar pensions can take several
different forms, and that the nature and extent of the
risks assumed by the life insurance undertaking will
depend very much on the form of the contract. Its
pension business may form only a part of its business
as a whole. Second pillar pension schemes, on the other
hand, have a specific purpose related to the provision
of pensions for a defined group of people. Third pillar
pensions are catered for largely by life insurance
undertakings, but to some extent by pension funds in
some Member States.
58
•
it draws attention to differences related to sponsorship,
contributions, guarantee, benefits, competition and
prudential supervision.
•
it stresses the importance of considering the assets in
relation to the liabilities, and of paying proper regard to
asset and liability management.
•
how far the emerging problems might be alleviated by
increases in State pension ages and by encouraging
increases in the ages at which people actually retire.
•
whether existing pension arrangements correspond
closely enough to people’s needs, and drawing attention
to the developing market in long term care.
10. During the year the Groupe published its Second
Actuarial Study of Mortality in the EU, under the
editorship of A S Macdonald FFA. This edition updates
and expands on the first study, published in 1986, and
the number of contributing associations is much greater,
including Iceland, Norway and Switzerland. A larger
number of the associations contributing to this edition
carry out an investigation of assured lives mortality than
was the case in 1986. In some EU Member States, the
Third Life Directive has loosened the regulatory control
of the mortality bases for tariffs and for reserving.
Further details of the publication, which is accompanied
by a disk containing most of the tables referred to in the
text, can be obtained from the Groupe Secretary.
11. TABLE OF CONTENTS OF ACTUARIAL JOURNALS
TABLES DES MATIÈRES DE REVUES ACTUARIELLES
ASTIN BULLETIN, VOL 27
Editorial
EDITORIAL
1
ARTICLES
A.E. RENSHAW, S. HABERMAN,
P. HATZOPOULOS
On the Duality of Assumptions Underpinning the Construction of Life Tables
5
G. BENKTANDER
The Conception(s) and the Birth of ASTIN
161
H. BÜHLMANN
The Actuary: the Role and Limitations of
the Profession since the Mid-19th Century
165
ARTICLES
E. NEAVE
A Frequency Distribution Method for
Valuing Average Options
173
D.C.M. DICKSON, H.R. WATERS
Relative Reinsurance Retention Levels
207
M. DENUIT
A New Distribution of Poisson-Type for
the Number of Claims
229
B. SUNDT, J. DHAENE
On Error Bounds for Approximations to
Aggregate Claims Distributions
243
WORKSHOP
C. RAMSAY, M. USABEL
Calculating Ruin Probabilities via Product
Integration
263
S. BERNEGGER
The Swiss Re Exposure Curves and
the MBBEFD Distribution Class
V.R. YOUNG
Credibility Using Semiparametric Models
273
R. KAAS, D. DANNENBURG, M. GOOVAERTS
Exact Credibility for Weighted Observations
287
R. VERNIC
On the Bivariate Generalized Poisson Distribution
J. PINQUET
Allowance for Cost of Claims in Bonus-Malus
Systems
M. DE LOURDES CENTENO
Excess of Loss Reinsurance and the Probability
of Ruin in Finite Horizon
23
33
59
J.A. NELDER, R.J. VERRALL
Credibility in the Regression Case Revisited
(A Late Tribute to CHARLES A. HACHEMEISTER) 83
L.G. DORAY
A Semi-Parametric Predictor of the IBNR Reserve
A.J. MCNEIL
Estimating the Tails of Loss Severity
Distributions Using Extreme Value Theory
S.I. RESNICK
Discussion of the Danish Data on Large
Fire Insurance Losses
99
113
WORKSHOP
117
S. ASMUSSEN, K. BINSWANGER
Simulation of Ruin Probabilities for
Subexponential Claims
297
139
G. TAYLOR
Setting a Bonus-Malus Scale in the Presence
of other Rating Factors
319
B. KOLLER, N. DETTWYLER
APS Reinsurance
329
St. P. LOWE, J.N. STANARD
An Integrated Dynamic Financial Analysis
and Decision Support System for a Property
Catastrophe Reinsurer
339
MISCELLANEOUS
Book Reviews
153
Review of the 6th AFIR International Colloquium
155
ASTIN Colloquium, Cairns – Final Call for Papers
158
Actuarial Vacancy
159
59
MISCELLANEOUS
Book Reviews
373
ICIAM 99, Edinburgh
377
• “The Interaction of Maximum Premiums, Minimum
Premiums, and Accident Limits in Retrospective
Rating”
Howard C. Mahler
30th International ASTIN Colloquium,
Tokyo, 1999
379
• “Allocated Loss Adjustment Expense Liabilities”
Ruth E. Salzmann
Report on the International ASTIN/AFIR
Colloquia 1997
381
Actuarial Vacancy
387
Acknowledgement to Referees
389
AUSTRIA
MITTEILUNGEN DER AKTUARVEREINIGUNG
ÖSTERREICHS
• “An Introduction to Markov Chain Monte Carlo
Methods and their Actuarial Applications”
David P. M. Scollnik
• “Personal Automobile Premiums: An Asset Share
Pricing Approach for Property/Casualty Insurance”
Sholom Feldblum
• “NAIC Property/Casualty Insurance Company Risk
Based Capital Requirements”
Sholom Feldblum
Heft 9, November 1997
• “Loss Prediction by Generalized Least Squares”
Leigh J. Halliwell
Allgemeine Mitteilungen:
• “Interest Rate Risk and Capital Requirements for
Property/Casualty Insurance Companies”
Douglas M. Hodes and Sholom Feldblum
Groupe Consultatif: Proposals for a Core
Syllabus for Actuarial Training in Europe
Die Versicherungsmathematik an der TU
Wien im Wandel der Zeiten, von Hans K. Kaiser
3
19
Wissenschaftliche Beiträge:
Herleitung der Sterbetafel AVÖ 1996R für
Rentenversicherungen, von S. Jörgen,
F.G. Liebmann, F.W. Pagler, und
W. Schachermayer
39
Möglichkeiten zur Milderung der Beitragssteigerung
bei älteren Versicherten in der deutschen privaten
Krankenversicherung III,. von Holger Drees,
Hartmut Milbrodt und Vera Schlüter
83
• “The Competitive Market Equilibrium Risk Load
Formula for Catastrophe Ratemaking”
Glenn G. Meyers
Discussion by James E. Gant
• “Estimating the Premium Asset on Retrospectively
Rated Policies”
Michael T. S. Teng and Miriam E. Perkins
Sybolic Computation in der Versicherungsmathematik,
von Thomas Siegl und Robert F. Tichy
97
• “Underwriting Betas - The Shadows of Ghosts
(Thomas J. Kozik - November 1994)”
Discussion by Sholom Feldblum
SCANDINAVIAN ACTUARIAL JOURNAL
1997 no 1
ORIGINAL ARTICLES
NORTH AMERICA
Casualty Actuarial Society
1996 Proceedings of the Casualty Actuarial Society
(Volume LXXXIII).
• “The Complement of Credibility”
Joseph A. Boor
• “Pricing to Optimize an Insurer’s Risk-Return
Relation”
Daniel F. Gogol
60
A. De Schepper, M.J. Goovaerts and R. Kaas:
A Recursive Scheme for Perpetuities with Random
Positive Interest Rates.
Part I. Analytical Results
1
J. Paulsen: Present Value of Some Insurance
Portfolios
11
F. Pellerey: Some New Conditions for the
Increasing Convex Comparison of Risks
38
H. Schmidli: Estimation of the Lundberg
Coefficient for a Markov Modulated Risk Model
48
P. Picard and C. Lefèvre: The Probability
of Ruin in Finite Time with Discrete Claim
Size Distribution
58
H. Rootzén and N. Tajvidi: Extreme Value
Statistics and Wind Storm Losses: A Case Study
70
E. Kremer: Credibility in Evolutionary
Models Revisited
95
Discussions .............................................................. 75
Authors’ Reply ........................................................ 81
o
1997 n 2
•
“Deterministic Modeling and DefinedContribution Pension Funds” by
Zaki Khorasanee ..................................................... 83
Discussions .............................................................. 99
Author’s Reply ...................................................... 101
•
“Two Paradigms for the Market Value of
Liabilities” by Robert R. Reitano .......................... 104
Discussions ............................................................ 122
Author’s Reply ...................................................... 135
ORIGINAL ARTICLES
R. Watt: The Optimal Trading Partner
for Reciprocal Insurance Treaties
97
RESEARCH
J. Janssen and R. Manca: A Realistic
Non-Homogeneous Stochastic Pension
Funds Model on Scenario Basis
113
G.E. Willmot and X. Lin: Upper Bounds
for the Tail of the Compound Negative
Binomial Distribution
138
U. Jensen: An Optimal Stopping Problem
in Risk Theory
149
V.R. Young: Credibility Using a Loss
Function from Spline Theory
H.J. Zwiesler: Remarks on “A note on
compound generalized distributions”
Departments
•
Contents of the January 1998, Volume 2, Number 1
Issue by the Society of Actuaries
Invited Papers
•
“Understanding Relationships Using Copulas”
by Edward W. Frees and Emiliana A. Valdez .......... 1
•
“Bonus-Malus Systems: The European and
Asian Approach to Merit-Rating” by
Jean Lemaire ........................................................... 26
Discussions .............................................................. 38
160
186
SOCIETY OF ACTUARIES
North American Actuarial Journal
Feature Articles
•
“On the Time Value of Ruin” by Hans U. Gerber
and Elias S. Shiu ..................................................... 48
Discussions .............................................................. 72
Author’s Reply ........................................................ 77
•
“A Model for Analyzing the Impact of Selective
Lapsation on Mortality” by Bruce L. Jones ............ 79
•
“Risk-Adjusted Economic Value Analysis”
by Alastair G. Longley-Cook .................................. 87
Discussion ............................................................... 99
Author’s Reply ........................................................ 99
•
“Credibility Using a Loss Function from
Spline Theory: Parametric Models with
a One-Dimensional Sufficient Statistic”
by Virginia R. Young ............................................. 101
Discussions ............................................................. 111
Author’s Reply ...................................................... 117
Contents of the October 1997, Volume 1,
Number 4 Issue by the Society of Actuaries.
Feature Articles
•
•
“In Defense of Pay-As-You-Go (Paygo)
Financing of Social Security” by
Robert L. Brown ........................................................ 1
Discussions .............................................................. 14
Author’s Reply ........................................................ 20
“Fuzzy Financial Pricing of Property-Liability
Insurance” by J. David Cummins and
Richard A. Derrig .................................................... 21
Discussions .............................................................. 41
Authors’ Reply ........................................................ 44
•
“Mortality of National Basketball Association
Players” by Joseph F. Fafian .................................. 45
•
“Forecasting Social Security Actuarial
Assumptions” by Edward W. Frees,
Yueh-Chuan Kung, Marjorie Rosenberg,
Virginia Young, and Siu-Wai Lai ............................. 49
“Current Actuarial Research Projects Sponsored
by U.S. Actuarial Associations” by Alastair
Longley-Cook ........................................................ 137
Departments
RESEARCH
• “Value at Risk (VAR)” by Alastair G.
Longley-Cook ........................................................ 118
61
SECTION NEWSLETTERS
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meetings and seminars, hold breakfasts and luncheons with
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research efforts. Section members are eligible to vote in
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can subscribe to one or more special interest Sections in
order to receive their mailings and to be invited to participate
in seminars and other Section-sponsored programs. It is a
good opportunity to keep abreast to actuarial advancements
and activities in North America.
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ACTUARY OF THE FUTURE SECTION
Actuary of the Future, June 1997
•
Actuary of the Future Section Sessions at the Annual
Meeting
by William R. Horbatt ............................................... 3
•
Book Review: Generations, The History of America’s
Future, 1584-2069
by Ralph J. Braskett ............................................... 13
•
Editor’s Voice
by John Christensen .................................................. 1
•
Exploring Profit Opportunities and Applying
Actuarial Skills in the Banking Marketplace ............ 5
•
Final Tribute to Paul M. Kahn .................................. 2
62
•
An Invitation ........................................................... 16
•
A Market Perspective
by Joseph M. Rafson ................................................. 1
•
A Nontraditional Profile: Paul Bruce ...................... 12
•
Staying Ahead of the Pack: A Recruiter’s
Outlook on Entry-Level Hiring
by Sally Ezra ........................................................... 11
•
Upcoming Section Elections ..................................... 3
Actuary of the Future, December 1997
•
1998 Actuary of the Future Sessions in
Hawaii ....................................................................... 8
•
Actuarial Careers in Software
by Douglas S. Van Dam ............................................ 5
•
Actuaries and APL-97 ............................................. 11
•
Actuary of the Future Sessions at the
Annual Meeting ......................................................... 6
•
And the Survey Says ...
compiled by Rebecca Ann Evans .............................. 9
•
Actuary of the Future Sessions at the
1997 Spring Meetings ............................................. 11
•
Bean Counting with Java
by Scott T. Parkinson ................................................ 8
•
Chairperson’s Corner
by Paul V. Bruce ........................................................ 2
•
Business Risks and the Internet
by Brian S. Pollack ................................................... 4
•
Considerations for an Ambassador Program
by Joe Rafson .......................................................... 10
•
Editor’s Note: It’s the Internet, Stupid!
by Brian S. Pollack ................................................... 1
•
Editor’s Voice
by John C. Christensen ............................................. 1
•
Election Time Is Coming! ....................................... 11
•
Election Results ......................................................... 6
•
Here Comes the Future ... Again!
by Carol Marler ........................................................ 2
•
Finding Employment... the “Nontraditional” Way
by John C. Christensen ............................................. 7
•
Insurance on the Web
by Jean C. Gora ........................................................ 1
•
Let’s Make a Deal-Life and Health Mergers
and Acquisitions
by William R. Horbatt ............................................. 10
•
The Net for Employee-Benefit Communications
by Cynthia Jeness ...................................................... 3
•
A Nontraditional Profile-Robert Meyerhoff ............. 9
•
Trends in Actuarial Positions: Looking
Ahead to the Year 2000 and Beyond
by Deborah Murray .................................................. 1
•
Where Might the Future Take Us?
by Anna Rappaport ................................................... 3
COMPUTER SCIENCE SECTION
CompAct, May 1997
NEWS AND INFORMATION FOR ACTUARIAL
EDUCATORS
Conversations, Winter 1997-98
•
Calculus Reform and the SOA Examinations ........... 3
•
Information Session on Actuarial Education
at the National AMS/MAA
Meetings in Baltimore ............................................... 4
•
A Letter to Conversations – The Text Change
for Course 150 ........................................................... 4
CompAct, January 1997
•
Actuaries Online to Move to the Internet
by Stephen J. Strommen ............................................ 3
•
Strategies for Transition to the Year 2000
Examinations-Courses 1 and 2 .................................. 1
•
Call for Papers ........................................................... 2
•
•
Chairperson’s Corner
by Michael F. Davlin ................................................. 1
Working Toward the Year 2000 Examinations:
What Exams Employers Should Expect New
Hires to Have Passed in the Year-2000 System ........ 1
•
Editor’s Note
by Brian Pollack ....................................................... 2
•
Looking Forward-A Dialogue on “The
Year 2000 Problem”
by Carol Marler and Jim Toole ................................. 7
•
Warehouses and Webs
by Michelle D. Smith ................................................. 1
•
Who’s New on Our Section Council? ....................... 5
EDUCATION AND RESEARCH SECTION
Expanding Horizons, October 1997
•
32nd Actuarial Research Conference
by David P.M. Scollnik .............................................. 6
•
Chairperson’s Corner
by S. David Promislow .............................................. 2
•
Georgia State University Announces
Bowles Symposium Speakers ................................... 3
63
•
•
Highlights of the 31st ARC: What’s
New in Actuarial Education and
Research – Interactive CD-ROM?
by Arnold F. Shapiro and Edward B. Kleinman ....... 8
Highlights of Education and Research
Section Council Meetings
April 18, Chicago O’Hare; August 6,
University of Calgary ................................................ 9
HEALTH SECTION
Health Section News, February 1998
•
Adjusting the 1985 NAIC Cancer Claim Cost Tables
for Inflation
by Peter G. Hendee ................................................... 3
by W. Keith Sloan ...................................................... 3
•
Alternative Care – A Defining Moment
in Health Care
by Lee Eric Launer .................................................. 12
•
Input Needed for Continuing Education
by Esther Portnoy ..................................................... 9
•
A Call for Papers ..................................................... 11
•
Musings from Margie
by Marjorie A. Rosenberg ......................................... 1
•
Chairperson’s Corner
by Thomas R. Corcoran ............................................ 1
•
P-O-G... What Does That Spell? ............................... 7
•
DSIG Seeks New Blood .......................................... 15
•
Redesigning University Actuarial Curricula
by Edward W. (Jed) Frees, Marjorie A.
Rosenberg, and Virginia R. Young ............................ 1
•
EBRI Databook on Employee Benefits,
4th Edition Now Available ...................................... 15
•
Special Report: The LTD Market – A
1997 Update
by Michael D. Lachance ........................................... 1
FUTURISM SECTION
Actuarial Futures, January 1998
•
The Actuary as Futurist
by Robert G. Utter ..................................................... 1
INDIVIDUAL LIFE INSURANCE AND ANNUITY
PRODUCT DEVELOPMENT SECTION
Product Development News, October 1997
•
Actuarial Assumptions and the Future
by W. Harold Phillips ................................................ 7
•
The Academy of Life Underwriting Issues
a Call for Articles ...................................................... 8
•
Book Review: “Foundations of Futures
Studies: Human Sciences for a New Era
by Peter C. Bishop .................................................. 12
•
Are You Getting What You Pay For?
by Roger B. Heath and Larry N. Stern ...................... 9
•
Chairperson’s Corner: Who Are We and
What Do We Do?
by Albert E. Easton ................................................... 1
Chairperson’s Corner
by John M. Fenton .................................................... 1
•
Editor’s Note
by David G. Whittemore ............................................ 2
•
Futurism Bibliography ............................................ 16
•
Errata ......................................................................... 2
•
Futurist Quiz
by Peter C. Bishop .................................................. 11
•
Georgia State University Announces
Bowles Symposium Speakers ................................... 5
•
Letter to the Editor .................................................... 2
•
How to Deal with the Future
by Tom Hughes .......................................................... 2
•
Product Development CD-ROM
by Alan Ryder .......................................................... 13
•
An Introduction to Visioning: Part II
by Peter C. Bishop .................................................... 3
•
Rider Attachments and Illustration Testing
by Karen K. Rudolph ................................................. 1
•
Minutes of the Futurism Section Council
Conference Call
September 17, 1997 ................................................. 10
•
Special Considerations for Equity-Indexed
Annuities in New York
by Daniel Theodore and Steven I. Schreiber ............. 7
•
64
•
Statutory Valuation Interest Rates
by David G. Whittemore ............................................ 6
•
Observations on a Trip to China
by Harold G. Ingraham Jr. ...................................... 22
•
Ten Years Ago ...
by Deborah Sloan ................................................... 12
•
Puebla, Mexico Actuarial Conference Report
by Jim Toole ............................................................ 17
•
Underwriter’s Corner – The Medical
Information Bureau
by Rick Bergstrom ..................................................... 3
•
Recognition of Actuaries and Competition
in Europe
by Wilhelm S. Meijer ................................................. 7
•
Report on SOA Joint Subcommittee to
Study Foreign Resident Issues
by Marina Adelsky .................................................. 12
INTERNATIONAL SECTION
International Section News, February 1998
•
1997/1998 International Section
Proposed Budget ..................................................... 27
•
The Role of the Appointed Actuary in
the United Kingdom ................................................ 10
•
34th Annual International Insurance
Society Seminar – Creating Success
in a Global Marketplace .......................................... 16
•
Underwriting and Risk Classification
by Chris Cook and Vera Dolan ............................... 14
•
The Actuarial Profession in Hong Kong
by C.F. Yam ............................................................. 13
INVESTMENT SECTION
•
Book Commemorates SOA-Nankai
10th Anniversary ..................................................... 14
Risks and Rewards, September 1997
•
1997 Economic Triathlon Entries Are In! ................. 2
•
Call for Papers ......................................................... 10
•
•
Chairperson’s Corner
by Michelle Chong Tai-Bell ...................................... 1
Assessing the Option Premium in Pension Plans
by Michael Cohen and Marlyn Bilodeau ................ 15
•
Back-to-Basics – Which Duration Is Best? ............. 19
•
Columbia Ambassador’s Report
by Luis Gabriel Caro .............................................. 21
•
A CPI-Based Bias for GDP?
by Peter Yoo ............................................................ 11
•
Editor’s Notes
by Kevin M. Law ....................................................... 2
•
Election Results ....................................................... 21
•
•
Hong Kong Ambassador’s Report
by Dominic Lee ....................................................... 18
Measuring and Communicating Risk/Return
Performance
by David N. Becker ................................................... 3
•
Hong Kong Insurance Ordinance Amendment
by Peter Luk ............................................................ 16
•
Portfolio Insurance-Revisiting Paradise Lost
by Nino Boezio .......................................................... 1
•
International Accounting Standards for
the Insurance Industry
by Bruce D. Moore .................................................... 3
•
Report from the SOA Spring Meeting in Montreal
by Vic Modugno ...................................................... 24
•
•
International Forum of Actuarial Associations
by Chris Daykin ........................................................ 1
Investment Sessions Set for the Annual
Meeting ................................................................... 23
•
•
Korea Ambassador’s Report
by Stephan Rajotte .................................................. 19
Review of Financial Journals
by Edwin A. Martin and William L. Babcock .......... 20
•
•
Minutes of the International Section
Council Meeting ...................................................... 25
Risk/Reward Tradeoffs among EquityIndexed Annuities
by Richard D. Farrell .............................................. 22
•
New Zealand Ambassador’s Report
by Richard Geisler .................................................. 20
•
Taking Stock: Equities
by Anthony Dardis .................................................... 2
65
•
Time to Dig Out the Old Dividend
Discount Model?
by Anthony Dardis and Adam DeLisse ..................... 1
•
Choosing a DAC Amortization Period
by Akiva Zohar .......................................................... 6
•
Economic Value–Added for a Life Insurance
Company
by Wayne E. Stuenkel ................................................ 3
The Financial Reporter, September 1997
•
Election Results ....................................................... 12
•
1997 Valuation Actuary Symposium
Offers Tracks
by Charles D. Friedstat ............................................ 2
•
From the Editor
by G. Thomas Mitchell .............................................. 2
•
•
Academy Valuation Task Force Progress
Report to the NAIC LHAFT – June 1997 ............... 16
International Accounting Standards for
the Insurance Industry
by Bruce D. Moore .................................................. 13
•
Accountant’s Corner: What Is this Thing
Called a “Mutual Insurance Holding Company?”
by Carl M. Harris, Donald H. Pond,
and John F. Bevacqua ............................................... 8
•
Montreal Speakers – Thanks! .................................. 17
•
Mutual Insurance Holding Companies – An
Alternative Approach
by E. Tom Hughes ..................................................... 8
LIFE INSURANCE COMPANY FINANCIAL
REPORTING SECTION
•
Adoption of Revised Actuarial Guideline 33
by James W. Lamson ............................................... 12
•
Passing the Baton
by R. Thomas Herget ................................................. 1
•
Changing Toms
by G. Thomas Mitchell .............................................. 1
•
Report on the AAA Valuation Task Force
by Veeta Ewan ........................................................... 9
•
COLIFR Corner
by Harold Forbes .................................................... 11
•
Risk-Based Capital for 1997 and Beyond
by Cande Olsen ....................................................... 11
•
Data on Demand: Web Sites Offer a Wealth
of Information for Financial Reporting
Actuaries
by Michelle D. Smith ................................................. 3
NONTRADITIONAL MARKETING SECTION
•
Highlights of the NAIC Life and Health
Actuarial Task Force Meeting – June 1997
by Raymond (Ted) Schlude ...................................... 13
•
Request for Proposal (RFP)–Financial
Reporting Section Council ...................................... 20
•
The Use of Letters of Credit in Life
Reinsurance – The Debate Continues
by Hank Sulikowski ................................................... 1
The Financial Reporter, December 1997
•
•
•
66
Adoption of Actuarial Guideline 34 (MMM)
by James W. Lamson ............................................... 14
Are Insurance Contracts Derivative
Instruments? – Questions Raised by the
FASB 13X Exposure Draft
by David H. Jungk .................................................... 1
Challenging Times–Seminars in Asia
by Shirley Shao ....................................................... 16
NewsDirect, Fall 1997
•
Attention! NTM Section Members
Attending the Annual Meeting .................................. 1
•
Chairperson’s Corner
by Ronald L. Wobbeking ........................................... 2
•
Component Rating in Credit Insurance
by Gary Fagg ............................................................ 6
•
Editor’s Note
by Curtiss S. Sheldon ................................................ 3
•
Nontraditional Marketing Sessions at
the Annual Meeting ................................................... 8
•
Summaries of NTM Section Workshops
in Montreal
by Robert J. Butler .................................................... 3
•
Welcome New Council Members .............................. 5
•
Worksite Marketing: What’s Happening
in the Industry?
by Curtiss S. Sheldon ................................................ 1
NewsDirect, Winter 1997-98
•
Announcing a NewsDirect Articles Contest! ............ 1
•
Autumn (of 1998) in New York (Nontraditionally
Speaking)
by Carl E. Meier ....................................................... 4
•
Chairperson’s Corner
by David A. Seidel ..................................................... 1
•
Editor’s Note: Oh, to Live in Exciting Times!
by Kiran Desai .......................................................... 2
•
Information Exchange on Direct Response
Marketing .................................................................. 3
•
NTM Sessions at the Annual Meeting
• Bank Alliance Niche for Insurers ......................... 6
• Credit Insurance Workshop-How to Calculate
Prima Facie Premiums in the CIEE ..................... 7
• Evolving Markets in Payroll Deduction ............... 6
• FBI Field Trip ...................................................... 7
•
SMI Trust Fund: Estimates under
Alternative II Assumptions for Aged
and Disabled (Excluding End-Stage Renal
Disease) Enrollees ..................................................... 8
•
Articles Needed for the News ................................. 10
•
Book Review: EBRI Databook on
Employee Benefits ..................................................... 2
•
Chairperson’s Corner
by James A. Kenney .................................................. 1
•
Changes in the Québec Pension Plan
by J. Bruce MacDonald .......................................... 18
•
Conflict of Interest and the Theory of Duality
by Theodore W. Konshak ........................................ 19
•
Continuing Education Update
by Barbara S. Choyke ............................................. 28
•
Election Results Announced ..................................... 2
•
Letters to the Editor / Actuaries Online
• The Future of Social Security for this
Generation and the Next ..................................... 25
• Hot Topics in Credit Insurance ............................ 7
• Lead Generation ................................................... 8
• Preneed, Burial, and Final-Expense Life
Insurance .............................................................. 8
• ASOP No. 27 ...................................................... 26
• Selling Life Insurance over the Internet ............... 8
• Plan Termination Date ........................................ 26
• Wine and Cheese Reception – Alias,
NTM Section Meeting ......................................... 9
• Economically Targeted Investing ....................... 26
•
Oh, the Places You’ll Go ...
by Peggy Grillot ........................................................ 5
•
Past-Chairperson’s Column: A Look Back
(As We Actuaries Have a Tendency To Do)
by Ronald L. Wobbeking ........................................... 3
•
Seminar on Emerging Markets – “Emerging
Markets for the New Senior Citizen”
by Richard Bergstrom ............................................... 4
PENSION SECTION
Pension Section News, September 1997
• Retirement Plans Experience Committee ........... 26
•
A Market Perspective
by Joseph M. Rafson ............................................... 20
•
Minutes of the Committee on Social
Security – Retirement and Disability
Income Teleconference ............................................ 24
•
Minutes of the Retirement Needs Framework Working Group Meeting ................................ 27
•
Minutes of the Retirement Systems Mortality
Projections Working Group Meeting ...................... 23
•
Minutes of the Retirement Systems Practice
Advancement Committee ........................................ 21
•
Old-Age Survivors and Disability Insurance
Program ..................................................................... 1
•
PBGC Needs Your Help .......................................... 10
•
Recent Trends in, and Characteristics of,
Major Canadian Pension Plans
by J. Bruce MacDonald .......................................... 15
Special Report
•
HI Trust Fund: Actuarial Methodology
and Principal Assumptions ........................................ 3
•
OASDI Trust Fund: Principal Economic
and Demographic Assumptions ................................ 5
67
•
Should Commutation Functions Still Be Taught?
by Ho Kuen Ng ........................................................ 12
•
Randolph’s Bonanza Bigger than Expected
by M.D. Drysdale ................................................... 16
•
Study Note Corner: “Labor Market Plans”
(Course P-567 Study Note) ..................................... 14
•
Study Note Corner: “Securing Supplemental
Retirement Arrangements”
(Course P-361C Study Note) .................................. 12
•
Summary of 1998 IRC, PBGC, Federal Income Tax,
Social Security, and Medicare Amounts
by Heidi R. Dexter ..................................................... 3
•
Turnover and Retirement Rates Study
Available .................................................................. 20
Pension Section News, January 1998
•
1998 Enrolled Actuaries Meeting ............................. 7
•
Call for Papers ......................................................... 27
•
Chairperson’s Corner
by Carol E. Zimmerman ............................................ 1
•
Conflict of Interest Notifications Aid Client’s
Fiduciary Obligations
by Theodore Konshak ............................................. 19
REINSURANCE SECTION
Reinsurance Section News, November 1997
•
Continuing Education Update
by Barbara S. Choyke ............................................. 29
•
41st Annual Canadian Reinsurance
Conference ................................................................ 1
•
The Critic’s Corner
by Joel I. Rich ......................................................... 23
•
Due Diligence and Acquisitions
by Thomas K. Pennington Sr. .................................. 13
•
Forecasting Retirement Needs and
Retirement Wealth Conference ............................... 30
•
Dear “Ms. Re” ........................................................... 2
•
•
Hope to See You in Hawaii! .................................... 30
Highlights of the 1997 Manulife Large
Amount and Older Age Mortality Study ................... 7
•
John Hanson Memorial Prize .................................. 10
•
Letters to the Editor
•“How Safe Are Your YRT Reinsurance
Rates?” .................................................................... 17
•
Life Reinsurance Data from the Munich
American Survey
by James L. Sweeney and David M. Bruggeman ...... 3
•
Regulatory Update
by G. Michael Higgins .............................................. 1
•
The Use of Letters of Credit in Life
Reinsurance – The Debate Continues
by Hank Sulikowski ................................................. 11
•
The Value of Party-Appointed “NonNeutral” Arbitrators
by Vince Vitkowsky .................................................... 9
•
Letters to the Editor
• Conflict of Interest and the Theory
of Duality ........................................................... 27
• Letters to the Editor ............................................ 27
• Chairperson’s Corner ......................................... 28
•
LIMRA Study: A Guide to Helping Employees
Preserve Their Pension Benefits ............................... 1
•
Measuring the Rate of Retirement in an
Interval Beginning with an Eligibility
Change Point
by William H. Blake, Jr. .......................................... 13
•
Minutes of the Committee on Social
Security – Retirement and Disability
Income Meeting October 29, 1997 ......................... 24
•
Minutes of the Pension Section
Council Meetings
June 29, 1997, Denver ............................................ 25
September 29, 1997, Chicago ................................. 26
•
68
Minutes of the Retirement Plans
Experience Committee Meetings
July 24, September 24, and November 12, 1997 .... 20
SMALLER INSURANCE COMPANY SECTION
small talk, November 1997
•
Equity-Indexed Annuities: Feasible or
Flawed for Small Insurers?
by Andrew S. Chow ................................................... 3
•
Excerpts from the NALC Newsletter
(September 30, 1997) .............................................. 20
•
From the Editor
by James R. Thompson .............................................. 1
•
EIPS explained: Hot product group gets scrutiny
by Donna R. Claire ................................................... 6
•
Indexed Annuity and Life Products .......................... 1
•
•
Life Insurance Sales and Market Conduct
by Scott J. Cipinko .................................................. 21
Consulting via the Web
by Paul Polchert ....................................................... 8
•
Part 2: “What is an actuary?”
by David M. Holland .............................................. 10
•
The complete actuary: The Actuary’s
Career Planner
by Michael M. Braunstein ....................................... 12
•
SOA team visits Asia
by David M. Holland and Yuan Chang ................... 14
•
E&E conversion rules
by Linda Heacox ..................................................... 16
•
Letters to editor ....................................................... 22
•
Puzzle ...................................................................... 24
•
•
•
Minutes of the Smaller Insurance Company Section
Council Teleconference
(August 28, 1997) ................................................... 11
NAIC Third Quarter Meeting Update
by James N. Van Elsen ............................................ 16
The New Life Insurance Illustration Regulation
and Payroll-Deduction Marketing
by Curtiss S. Sheldon .............................................. 15
•
Pitfalls in Indexed Products
by Anson J. Glacy ..................................................... 7
•
Reinsurance Is an Option to Consider for Managing
Risks in Equity-Indexed Products
by Philip A. Velazquez ............................................... 9
•
Reinsurers – What Can or Should They Do for
the Small Insurance Company?
by Lori Truelove ........................................................ 8
•
SEC and Equity-Indexed Products
by John M. O’Sullivan .............................................. 2
•
Status of the AAA Committee on Revising the
Standard Valuation Law and Its Relation to
the Status of XXX
by James R. Thompson ............................................ 12
•
What Is IMSA?
by David A. Christopher ......................................... 19
•
XXX Implementation
by Peter G. Hendee ................................................. 13
THE ACTUARY
List of Contents: September, October, November,
December (Year in Review) 1997, and January, February,
March 1998
September 1997
•
Editorial: The Right Question
by Harry H. Panjer and Harry S. Panjer .................. 2
•
Op-ed: Growing with Change
by William C. Cutlip .................................................. 3
•
EIPs explained: The cure for our savings problem?
by Richard D. Farrell ................................................ 6
October 1997
•
Editorial: Beyond the numbers
by Ken McCullum ..................................................... 2
•
Will insurers support the GRET?
by Deanne L. Osgood ............................................... 3
•
Framework for a new SNFL ...................................... 8
•
Acknowledging change
by Craig R. Raymond ................................................ 8
•
Maturity extension riders
by Tim Fitch ............................................................ 10
•
The need to discuss assumptions
by Rachel M. Hancock ............................................ 12
•
Setting the pace: Problem solver
by Jacqueline Bitowt ............................................... 13
•
Update on Course 8 design
by Joseph Abel,Ph. D. and Richard Lambert .......... 14
•
SOA’s Web site is virtual palace
by Peggy Grillot ...................................................... 15
•
On the lighter side: Rule of 11
by Donald R. Sondergeld ........................................ 16
•
E&E Corner ............................................................. 18
•
Puzzle ...................................................................... 20
November 1997
•
Editorial: Safe, and growing
by Janet M. Carsens .................................................. 2
69
•
HIPAA and the individual market
by Craig S. Kalman ................................................... 5
•
NAFTA project’s Phase 2 seminar
by Irwin T. Vanderhoof .............................................. 6
•
Medicare options grow under BBA
by Karl Madrecki and Carron Maxwell .................... 6
•
Book Review: The Promise of Private Pensions
by Howard Young ...................................................... 9
•
NAFTA countries support SOA study ...................... 8
•
•
New RBC formula
by Steven N. Wander ................................................. 9
Annuity study announced
by Irwin T. Vanderhoof ............................................ 10
•
Foundation gets new name ...................................... 11
On trust, respect, and the CAS
by David M. Holland .............................................. 11
•
SOA meetings & seminars ...................................... 13
•
E&E corner ............................................................. 15-
•
The Record goes online
by Gary Lange ........................................................ 13
•
Dear editor ............................................................... 16
•
Foundation’s Medicare campaign
by Cecilia Green ..................................................... 14
•
•
Genetic testing presentations
by Cecilia Green ..................................................... 14
•
SOA opens office in China ..................................... 16
•
On the lighter side: Does it show?
By Ken Anderson .................................................... 17
•
Research corner ....................................................... 18
•
In memoriam ........................................................... 18
•
Dear Editor .............................................................. 19
•
Puzzle ...................................................................... 20
December 1997
February 1998
•
The meaning of life
by David M. Holland ................................................ 2
•
CIA’s discipline process
by John Christie ........................................................ 3
•
Setting the pace: John Thompson
by Jacqueline Bitowt ................................................. 5
•
Aloha! ’98 spring meetings ....................................... 9
•
Research corner ....................................................... 10
•
Workforce strategies conference ............................. 11
•
Dear editor ............................................................... 11
•
In memoriam ........................................................... 11
•
Puzzle ...................................................................... 12
•
Presidential address: The once & future actuary
by David M. Holland ................................................ 3
•
Annual treasurer’s report
by Donna R. Claire ................................................... 7
•
The future is now
by Sue A. Collins ....................................................... 2
•
Annual meeting ......................................................... 8
•
Bancassurance in Australia
by Mark Turner ......................................................... 3
•
1996-97 year in review ............................................ 10
•
CEOs, actuaries surveyed .......................................... 6
•
1st CAS/SOA career fair ......................................... 16
•
•
Spring meetings ....................................................... 17
What the times demand
by Howard J. Bolnick ................................................ 8
•
Foundation report .................................................... 18
•
Risk measurement conference
by Anna M. Rappaport and
Zain Mohey-Deen .................................................... 10
March 1998
January 1998
•
The right thing to do
by Marc Twinney ....................................................... 2
•
The complete actuary: the balanced scorecard
by James Trefz ......................................................... 12
•
In praise of indexing
by Stephen G. Kellison .............................................. 3
•
On the lighter side: Lights! Camera! Actuary!!
by Kelly Mayo ......................................................... 14
•
New tax law and DB plans
by William J. Sohn .................................................... 5
•
In memoriam ........................................................... 15
•
Puzzle ...................................................................... 16
70